September 2015 - Raymond James

Global Research Published by Raymond James & Associates

© 2015 Raymond James & Associates, Inc., member New York Stock Exchange/SIPC. All rights reserved.

International Headquarters: The Raymond James Financial Center | 880 Carillon Parkway | St. Petersburg, Florida 33716 | 800-248-8863

September 2015

2 Raymond James Research Register - September 2015

Contents Consumer Healthcare Real Estate

USA .......................... 19

CAN .......................... 23

EUR .......................... 23

USA .......................... 46

USA .......................... 59

CAN .......................... 62

EUR .......................... 63

LAT ........................... 64

Energy Industrial Technology & Communications

USA .......................... 26

CAN .......................... 32

EUR .......................... 34

LAT ........................... 35

USA .......................... 51

CAN ......................... 52

EUR .......................... 54

USA .......................... 66

CAN .......................... 76

EUR .......................... 77

LAT ........................... 77

Financial Services Mining & Natural Resources Transportation

USA .......................... 36

CAN .......................... 44

LAT ........................... 44

CAN ......................... 55

LAT .......................... 58

USA .......................... 78

CAN .......................... 80

EUR .......................... 81

Analyst Index ................................................................................3

Upcoming Events ..........................................................................4

Research Coverage Changes ........................................................4

About This Publication ..................................................................5

Company Index .............................................................................7

Companies Under Coverage .......................................................19

Research Analysts and Sales & Trading Directories

USA .......................... 82

Canada ..................... 85

Europe ..................... 86

Latin America ........... 87

Raymond James Research Register - September 2015 3

Analyst Index

J. Marshall Adkins (JMA) .......................... 26,51

Brian G. Alexander, CFA (BGA) ...................... 66

Joseph Altobello, CFA (JA) ............................. 19

Robert P. Anastasi, CFA (RPA) ....................... 66

Ken Avalos (KA) ............................................. 62

Michael J. Baker (MJB) .................................. 46

Frederic Bastien, CFA (FB) ........................ 52,62

Jayson Bedford (JB) ....................................... 46

Stephane Beyazian (SB) ................................ 77

Andrew Bradford, CFA (AB) .......................... 32

Harry Breach (HB) ......................................... 54

Patrick Tyler Brown, CFA (TB) .................. 51,78

Benjamin Brownlow (BBL) ....................... 19,26

Budd Bugatch, CFA (BB) ........................... 19,51

Daniel E. Cardenas (DC) ................................ 36

Ben Cherniavsky (BC) ............................... 52,80

Andrew Coleman (AC) ................................... 26

Chris Cox, CFA (CC) ........................................ 32

William A. Crow (WAC) ............................ 59,66

Sam Darkatsh (SD) ................................... 19,51

Hermine de Bentzmann (HB) ........................ 23

Robert Dodd, Ph.D. (RD) ............................... 36

John Freeman, CFA (JF) ................................. 26

Brian Gesuale (BG) ........................................ 66

Steve Hansen, CMA, CFA (SH) ........ 32,52,55,80

Arthur W. Hatfield, CFA (AH) ........................ 78

Bertrand Hodée (BH) .................................... 34

Buck Horne, CFA (BH) .................................... 59

Darren Horowitz (DH) ................................... 26

Joseph D. Hovorka (JDH) ............................... 19

Jonathan Hughes, CFA (JH) ............................ 59

Nicholas Jansen (NJ) ...................................... 46

Justin Jenkins (JJ) ........................................... 26

Wayne Johnson (WJ) ..................................... 66

Aaron Kessler, CFA (AK)................................. 66

Lawrence Keusch (LK).................................... 46

Cedric Lecasble (CL) ...................................... 23

Simon Leopold (SL) ........................................ 66

Steven Li, CFA (SLi) .............................. 32,66,76

David J. Long, CFA (DJL) ................................. 36

Frank G. Louthan IV (FGL) ............................. 66

Tavis C. McCourt, CFA (TMC)......................... 66

Collin Mings, CFA (CM) .................................. 59

Pavel Molchanov (PM) ............................. 26,34

Kurt Molnar (KM) .......................................... 32

Hans Mosesmann (HM)................................. 66

Praveen Narra (PN) ....................................... 26

Patrick O'Shaughnessy, CFA (PO) .................. 36

Michael Overvelde, CFA, CPA, CA (MO) ........ 44

Justin Patterson, CFA (JP) .............................. 66

C. Gregory Peters (CGP) ................................ 36

Brian Peterson, CFA (BP) ............................... 66

Theoni Pilarinos, CFA (TP) ................... 32,52,80

Ric Prentiss (RP) ............................................ 66

Paul D. Puryear (PDP) .................................... 59

David Quezada, CFA (DQ) .............................. 52

Chris Quilty (CQ) ............................................ 66

John W. Ransom (JWR).................................. 46

Emmanuel Retif (ER) ................................ 34,54

Federico Rey Marino (FRM) ....... 35,44,58,64,77

Julien Richer (JR) ................................. 23,63,81

Johann Rodrigues (JR) ................................... 62

Michael Rose (MR) ........................................ 36

Phil Russo (PR) ............................................... 55

David Sadowski (DSa) .................................... 55

Steven D. Schwartz, CFA (SDS) ...................... 36

J. Steven Smigie (JSS) ..................................... 66

Kevin Smith (KS) ............................................ 26

Fernando Suarez (FS) ...................... 44,58,64,77

Daryl Swetlishoff, CFA (DS) ....................... 52,55

Savanthi Syth, CFA (SS) .................................. 78

Alex Terentiew, MBA, P.Geo (AT) .................. 55

Chris Thompson, M.Sc. (Eng), P.Geo (CT) ...... 55

Terry Tillman (TT) .......................................... 66

Michael Turits, Ph.D. (MT) ............................. 66

Kenric S. Tyghe, MBA (KT) ............................. 23

Brian M. Vaccaro, CFA (BV) ........................... 19

William J. Wallace IV (WW) ........................... 36

Santiago Wesenack, CFA (SW) .................. 35,58

Dan Wewer, CFA (DW) .................................. 19

Elliot Wilbur, CFA (EW) .................................. 46

Donald A. Worthington (DAW) ...................... 36


Upcoming Events

BIC (EUR) September 2, 2015; Paris, France U.S. Bank Conference (USA) September 9, 2015; Chicago, Illinois North American Equities Conference (USA) September 22, 2015; London, England

Deutsche Telekom (EUR) October 15, 2015; Paris, France 48 Hours in Edmonton Industrials Tour (CAN) October 21 & 22, 2015; Edmonton, Canada Technology and Communications Investors Conference (USA) December 7-9, 2015; New York, New York

Research Coverage Changes

Additions Deletions

USA

CareTrust REIT, Inc (CTRE:Q)

HealthStream, Inc. (HSTM:Q)

Lumentum Holdings, Inc. (LITE:Q)

MCBC Holdings, Inc. (MCFT:Q)

Rapid7, Inc. (RPD:Q)

CAN

Newmarket Gold Inc. (NMI:T)

Sleep Country Canada Holdings Inc. (ZZZ:T)

USA

Associated Estates Realty Corporation (AEC:N)

Excel Trust, Inc. (EXL:N)

Informatica Corp. (INFA:Q)

Viavi Solutions Inc. (VIAV:Q)

EUR

Abertis (ABE.MC:MAD)

CRH (CRH.I:ISE)

Groupe Eurotunnel (GETP.PA:EPA)

HeidelbergCement (HEIG.DE:ETR)

Imerys (IMTP.PA:EPA)

Jazztel (JAZ.MC:MCE)

Lafarge (LAFP.PA:EPA)

LafargeHolcim Ltd. (LHN.VX:SWF)

Nexity (NEXI.PA:EPA)

Vicat (VCTP.PA:EPA)

Changes

JDS Uniphase (JDSU:Q) changed its name and symbol to Viavi Solutions Inc. (VIAV:Q) following its spinoff of Lumentum Holdings Inc. (LITE:Q)


About This Publication The Equity Research Register is a monthly statistical summary of financial data. It is compiled from infor-mation from each of the contributing entities. Following are some general notes about the information contained in this publication.

Symbol and Exchange = the stock exchange where the largest volume of the equity trades and the company’s ticker on that exchange. Specific exchange abbreviations are defined below.

Currency = U.S. dollars unless otherwise noted. Currencies are defined below.

Closing Price = last price from indicated date on the indicated stock exchange.

Target Price = Raymond James & Associates (USA) and Raymond James Latin America have target prices only for stocks with Strong Buy 1 or Outperform 2 ratings. Raymond James Ltd. (Canada) has target prices for all stock ratings. Raymond James Euro Equities has target prices for stocks with Strong Buy 1, Outperform 2, and Underperform 4 ratings. Projected 12-month price targets may not reflect recent stronger price action in a specific stock.

Earnings = EPS unless otherwise denoted. Currency for earnings is the same as that of the Closing Price unless otherwise denoted. In situations where the currency for the closing price differs from the currency for earnings, a currency adjustment factor has been employed. See Footnotes below.

Analysts = the initials of the lead analyst on the specific stock and the secondary analyst if applicable.

Definitions of Stock and Suitability Ratings can be found in the Disclosures section at the back of this publication.

International investments involve additional risks such as currency fluctuations, differing financial accounting standards, and possible political and economic instability. Any foreign securities discussed in this report are generally not eligible for sale in the U.S. unless they are listed on a U.S. exchange. Investing in securities of issuers organized outside of the U.S., including ADRs, may entail certain risks. The securities of non-U.S. issuers may not be registered with, nor be subject to the reporting requirements of, the U.S. Securities and Exchange Commission. There may be limited information available on such securities. This report is being provided for informational purposes only and does not represent a solicitation for the purchase or sale of a security in any state where such a solicitation would be illegal. Please ask your Financial Advisor for additional details and to determine if a particular security is eligible for solicitation in your state.

Limited Partnerships may generate Unrelated Business Taxable Income (UBTI), which can create a tax liability that must be paid from a retirement account. You should receive a Schedule K-1 from the partnership annually that would include UBTI and other financial information. Please consult with your tax advisor to determine whether you must file and pay tax from your account.


Exchanges

AMS ---- Amsterdam Stock Exchange

BA ---- Buenos Aires SE

BIT ---- Italy - Borsa Italiana

EBR ---- Euronext Brussels

ELI ---- Euronext Lisbon

EPA ---- Euronext Paris

ETR ---- Germany - XETRA

HEL ---- Helsinki Stock Exchange

ISE ---- Irish Stock Exchange

L ---- London Stock Exchange

M ---- NYSE MKT

MAD --- Madrid Stock Exchange

MCE --- Madrid Stock Exchange C.A.T.S.

N --- NYSE

OTC --- OTC

PRG --- Prague Stock Exchange

Q --- NASDAQ

STO --- Stockholm Stock Exchange

SWF --- Switzerland – Swiss Exchange

T --- TSX

V --- TSX Venture

WBAG --- Austria, Wiener Borse

Currencies

AR$ ---- Argentine peso

p ---- British pence

£ ---- British pound

C$ ---- Canadian dollar

CZK --- Czech koruna

€ --- Euro

SEK --- Swedish krona

US$ or $ --- U.S. dollar

Footnotes

NA ---- Not Available.

NM ---- Not Meaningful.

UR ---- Under Review.

$D ---- EPS is shown in U.S. dollars.

$E ---- EPS is shown in Euros.

$R ---- EPS is shown in South African rand.

ae ---- EPS is Adjusted EBITDA.

af ---- EPS is Adjusted Funds from Operations (AFFO).

ca ---- EPS is Cash Available for Distribution/Share.

cb ---- EPS is EBITDA (mil.).

cf ---- EPS is Cash Flow per share.

cu ---- EPS is Cash Distribution per Unit.

ed ---- EPS is Earnings per ADS.

f --- Fiscal years ending before May are treated as previous year.

fa --- EPS is Adjusted Free Cash Flow/Share.

fc --- EPS is Free Cash Flow/Share.

is --- Reported figures are in accordance with International Financial Reporting Standards (IFRS).

ni --- EPS is Net Investment Income per share.

r --- Figures are based on ADRs/ADSs.

rf --- EPS is Recurring Free Cash Flow per share.

vf --- EPS is Valuation Free Cash Flow/Share.

x --- EPS is Funds From Operations (FFO).

y --- EPS is Distributable Cash Flow per share.

Company Index


1st Constitution Bancorp (FCCY:Q) 37 8point3 Energy Partners L.P. (CAFD:Q) 31 AAC Holdings, Inc. (AAC:N) 46 Aaron's Inc. (AAN:N) 21 Abaxis, Inc. (ABAX:Q) 46 Abbott Laboratories (ABT:N) 48 Abiomed Inc. (ABMD:Q) 48 Acadia Healthcare Co. (ACHC:Q) 46 Acadian Timber Corp. (ADN:T) 56 Accenture plc (ACN:N) 72 Access National Corporation (ANCX:Q) 37 AccorHotels (ACCP.PA:EPA) 63 ACE Limited (ACE:N) 42 ACI Worldwide, Inc. (ACIW:Q) 75 Adecoagro SA (AGRO:N) 58 Adidas (ADSGn.DE:ETR) 24 ADP (ADP.PA:EPA) 54 The ADT Corporation (ADT:N) 72 ADTRAN, Inc. (ADTN:Q) 68 Advance Auto Parts, Inc. (AAP:N) 20 Advanced Energy Industries, Inc. (AEIS:Q) 31 Advanced Micro Devices (AMD:Q) 73 The Advisory Board Company (ABCO:Q) 47 Aecon Group (ARE:T) 52 AeroVironment Inc. (AVAV:Q) 72 Aetna (AET:N) 46 Aflac, Inc. (AFL:N) 42 Agnico Eagle Mines (AEM:N) 57 Agree Realty Corporation (ADC:N) 60 Agrium Inc. (AGU:N) 55 AGT Food and Ingredients Inc. (AGT:T) 55 Ahold (AHLN.AS:AMS) 24 AIMIA (AIM:T) 23 Air Canada (AC:T) 80 Air France-KLM (AIRF.PA:EPA) 81 Airbus Group (AIR.PA:EPA) 54 Airgas, Inc. (ARG:N) 51 Akamai Technologies, Inc. (AKAM:Q) 70 Akorn, Inc. (AKRX:Q) 49 Alacer Gold Corp (ASR:T) 57 Alamos Gold Inc. (AGI:N) 57 Alaris Royalty Corp. (AD:T) 52 Alarm.com Holdings (ALRM:Q) 69 Alaska Air Group (ALK:N) 78 Alcatel-Lucent (ALU:N) 68 Alcentra Capital Corporation (ABDC:Q) 43 Alere, Inc. (ALR:N) 47 Alibaba Group Holding Ltd. (BABA:N) 70 Allegiant Travel Co. (ALGT:Q) 79 Allergan plc (AGN:N) 49 Alliance Data Systems Corp. (ADS:N) 75 Allied Properties REIT (AP.UN:T) 62 Allscripts Healthcare Solutions Inc. (MDRX:Q) 47 Allstate Corporation (ALL:N) 42 AltaGas Ltd. (ALA:T) 32 Altera Corporation (ALTR:Q) 73 Alterra Power Corp. (AXY:T) 32 Altius Minerals Corp. (ALS:T) 56 Amazon.com Inc. (AMZN:Q) 70 Amber Road, Inc. (AMBR:N) 67 Amedisys (AMED:Q) 46 America Movil, S.A.B. de C.V. (AMX:N) 73

American Airlines Group, Inc. (AAL:Q) 78 American Equity Investment Life Holding Company (AEL:N) 42 American Financial Group, Inc. (AFG:N) 42 American Homes 4 Rent (AMH:N) 61 American Midstream Partners L.P. (AMID:N) 29 American National Bankshares, Inc. (AMNB:Q) 37 American Railcar Industries, Inc. (ARII:Q) 79 American Residential Properties, Inc. (ARPI:N) 61 American River Bankshares (AMRB:Q) 37 American Tower (AMT:N) 73 AmeriGas Partners L.P. (APU:N) 29 AmerisourceBergen Corp. (ABC:N) 47 Amica Mature Lifestyles Inc. (ACC:T) 62 Amphastar Pharmaceuticals, Inc. (AMPH:Q) 49 AmSurg Corporation (AMSG:Q) 46 Amyris, Inc. (AMRS:Q) 31 Anadarko Petroleum Corp. (APC:N) 26 Analog Devices, Inc. (ADI:Q) 66 Angie's List, Inc. (ANGI:Q) 71 AngioDynamics (ANGO:Q) 48 Antero Midstream Partners L.P. (AM:N) 29 Antero Resources Corporation (AR:N) 26 Anthem (ANTM:N) 46 Aon plc (AON:N) 41 Apache Corporation (APA:N) 26 Apartment Investment and Management Company (AIV:N) 61 Apollo Investment Corp. (AINV:Q) 43 Apple Inc. (AAPL:Q) 69 Applied Micro Circuits Corporation (AMCC:Q) 73 Applied Optoelectronics, Inc. (AAOI:Q) 68 ARC Resources Ltd. (ARX:T) 32 ArcBest Corp. (ARCB:Q) 80 Arctic Cat, Inc. (ACAT:Q) 19 Ares Capital Corp. (ARCC:Q) 43 Argo Group International Holdings, Ltd. (AGII:Q) 42 Arista Networks (ANET:N) 68 ARM Holdings plc (ARMH:Q) 73 Armada Hoffler Properties (AHH:N) 61 ARRIS Group Inc. (ARRS:Q) 68 Arrow Electronics, Inc. (ARW:N) 71 Arthur J. Gallagher & Co. (AJG:N) 41 Artis REIT (AX.UN:T) 62 Asanko Gold Inc. (AKG:T) 57 Associated Banc-Corp (ASB:M) 37 Assurant, Inc. (AIZ:N) 42 AT&T Inc. (T:N) 74 ATAC Resources Ltd. (ATC:V) 57 Athabasca Oil Corp. (ATH:T) 32 athenahealth Inc. (ATHN:Q) 47 Atlantic Tele-Network, Inc. (ATNI:Q) 73 Atlas Resource Partners L.P. (ARP:N) 26 Atmel Corporation (ATML:Q) 73 Atwood Oceanics (ATW:N) 30 AutoZone, Inc. (AZO:N) 20 Avago Technologies Ltd. (AVGO:Q) 66 Avigilon Corporation (AVO:T) 76 Avnet, Inc. (AVT:N) 71 B2Gold Corp. (BTO:T) 57 BAE Systems (BAES.L:L) 54 Baker Hughes, Inc. (BHI:N) 30 Banc of California, Inc. (BANC:N) 37 BancFirst Corporation (BANF:Q) 37

Company Index


Banco Macro S.A. (BMA:N) 44 The Bancorp, Inc. (TBBK:Q) 37 BancorpSouth, Inc. (BXS:N) 37 Bank of America Corporation (BAC:N) 37 Bank of Commerce Holdings (BOCH:Q) 37 Bank of Marin Bancorp (BMRC:Q) 37 Bank of New York Mellon Corp (BK:N) 37 Bank of the Ozarks Inc. (OZRK:Q) 37 Banner Corporation (BANR:Q) 37 Barrick Gold Corporation (ABX:N) 57 Basic Energy Services, Inc. (BAS:N) 31 Baxter International Inc. (BAX:N) 48 Baylin Technologies Inc. (BYL:T) 76 Baytex Energy Corp. (BTE:T) 32 BB&T Corporation (BBT:N) 37 BBCN Bancorp, Inc. (BBCN:Q) 37 BBVA Banco Frances (BFR:N) 44 Beacon Roofing Supply, Inc. (BECN:Q) 51 Bear Creek Mining Corp. (BCM:V) 57 Becton, Dickinson and Company (BDX:N) 48 Bed Bath & Beyond (BBBY:Q) 21 Beiersdorf (BEIG.DE:ETR) 24 Benchmark Electronics, Inc. (BHE:N) 69 Benefitfocus, Inc. (BNFT:Q) 67 Best Buy Company, Incorporated (BBY:N) 20 BG Group (BG.L:L) 34 BGC Partners, Inc. (BGCP:Q) 41 BIC (BB.FP:EPA) 24 Big Lots Inc. (BIG:N) 20 Bill Barrett Corp. (BBG:N) 26 BioMed Realty Trust Inc. (BMR:N) 61 Birchcliff Energy Ltd. (BIR:T) 32 Bird Construction Inc. (BDT:T) 52 Black Diamond Group Limited (BDI:T) 33 Black Diamond Inc. (BDE:Q) 21 Black Stone Minerals L.P. (BSM:N) 26 BlackBerry (BBRY:Q) 76 Blackhawk Network Holdings, Inc. (HAWK:Q) 75 Bloomin' Brands, Inc. (BLMN:Q) 22 Blue Capital Reinsurance Holdings Ltd. (BCRH:N) 42 BNC Bancorp (BNCN:Q) 37 Boardwalk Pipeline Partners L.P. (BWP:N) 29 Boardwalk REIT (BEI.UN:T) 63 BofI Holding, Inc. (BOFI:Q) 37 BOK Financial Corp. (BOKF:Q) 37 Bombardier Inc. (BBD.B:T) 52 Bonanza Creek Energy, Inc. (BCEI:N) 26 Booz Allen Hamilton Holding Corp. (BAH:N) 72 Boston Scientific Corp. (BSX:N) 48 Bottomline Technologies (EPAY:Q) 75 Boulder Energy Ltd. (BXO:T) 32 Bourbon (GPBN.PA:EPA) 34 Bouygues (BOUY.PA:EPA) 77 Box, Inc. (BOX:N) 67 Boyd Group Income Fund (BYD.UN:T) 53 BP (BP.L:L) 34 Brandywine Realty Trust (BDN:N) 61 BreitBurn Energy Partners L.P. (BBEP:Q) 26 Briggs & Stratton (BGG:N) 21 Brightcove Inc. (BCOV:Q) 67 Brinker International (EAT:N) 22 Broadcom Corporation (BRCM:Q) 73

Broadridge Financial Solutions, Inc. (BR:N) 41 BroadSoft, Inc. (BSFT:Q) 68 Brookfield Canada Office Properties (BOX.UN:T) 62 Brookfield Infrastructure Partners L.P. (BIP:N) 52 Brookfield Renewable Energy Partners L.P. (BEP:N) 52 Brown & Brown, Inc. (BRO:N) 41 Brunswick Corp. (BC:N) 19 BT (BT.L:L) 77 Buffalo Wild Wings, Inc. (BWLD:Q) 22 C.H. Robinson Worldwide (CHRW:Q) 79 C.R. Bard, Inc. (BCR:N) 48 C1 Financial, Inc. (BNK:N) 37 CA Technologies (CA:Q) 70 Cabela’s Inc. (CAB:N) 20 Cablevision Systems Corp. (CVC:N) 74 Cabot Oil & Gas Corp. (COG:N) 26 CACI International Inc. (CACI:N) 72 CAE Inc. (CAE:T) 52 CafePress Inc. (PRSS:Q) 70 Calfrac Well Services (CFW:T) 33 California Resources Corporation (CRC:N) 26 Calix, Inc. (CALX:N) 68 Callaway Golf Co. (ELY:N) 20 Calumet Specialty Products Partners L.P. (CLMT:Q) 29 Cameco Corp. (CCO:T) 58 Cameron International Corp. (CAM:N) 30 Campari (CPR.MI:BIT) 23 Campus Crest Communities, Inc. (CCG:N) 61 Canadian Apartment Properties REIT (CAR.UN:T) 63 Canadian National Railway (CNR:T) 80 Canadian Natural Resources Ltd (CNQ:T) 33 Canadian Oil Sands Limited (COS:T) 33 Canadian Pacific Railway (CP:T) 80 Canadian Tire Corporation (CTC.A:T) 23 Canam Group (CAM:T) 53 Canexus Corporation (CUS:T) 52 Canfor Corp. (CFP:T) 56 Canfor Pulp Products Inc. (CFX:T) 56 CanWel Building Materials Group Ltd. (CWX:T) 80 Canyon Services Group Inc. (FRC:T) 33 Capital Product Partners L.P. (CPLP:Q) 29 Capital Senior Living Corp. (CSU:N) 46 Capstone Mining Corp. (CS:T) 56 Cardinal Financial Corporation (CFNL:Q) 37 Cardinal Health Inc. (CAH:N) 47 CareDx, Inc. (CDNA:Q) 47 CareTrust REIT, Inc (CTRE:Q) 60 Carmike Cinemas, Inc. (CKEC:Q) 19 Carnival Corp. (CCL:N) 19 Carrefour (CARR.PA:EPA) 24 Carriage Services, Inc. (CSV:N) 47 Carrols Restaurant Group, Inc. (TAST:Q) 22 Casella Waste Systems, Inc. (CWST:Q) 51 Casey's General Stores, Inc. (CASY:Q) 20 Casino (CASP.PA:EPA) 24 Castlight Health, Inc. (CSLT:N) 67 Catalent, Inc. (CTLT:N) 49 CatchMark Timber Trust, Inc. (CTT:N) 62 Caterpillar Inc. (CAT:N) 53 Cavium Inc. (CAVM:Q) 73 CBL & Associates Properties, Inc. (CBL:N) 60 CBOE Holdings, Inc. (CBOE:Q) 41

Company Index


CDW Corporation (CDW:Q) 71 Cedar Realty Trust, Inc. (CDR:N) 61 Celadon Group, Inc. (CGI:N) 80 Celestica, Inc. (CLS:N) 69 Cenovus Energy (CVE:T) 33 Centene (CNC:N) 46 CenterState Banks, Inc. (CSFL:Q) 37 Central Pacific Financial Corp. (CPF:N) 37 Centrica (CNA.L:L) 34 CenturyLink (CTL:N) 74 Cepheid (CPHD:Q) 47 Cerner Corporation (CERN:Q) 47 Cervus Equipment Corp. (CVL:T) 53 CEZ (CEZsp.PR:PRG) 34 CGG (CGG.PA:EPA) 34 CGI Group (GIB.A:T) 76 ChannelAdvisor Corporation (ECOM:N) 67 Charles River Laboratories (CRL:N) 49 The Charles Schwab Corporation (SCHW:N) 41 Chart Industries, Inc. (GTLS:Q) 31 Charter Communications, Inc. (CHTR:Q) 74 Check Point Software Technologies (CHKP:Q) 70 Cheesecake Factory Inc. (CAKE:Q) 22 Chegg, Inc. (CHGG:N) 70 Chemical Financial Corporation (CHFC:Q) 37 Chemtrade Logistics Income Fund (CHE.UN:T) 52 Cheniere Energy Partners L.P. (CQP:M) 29 Cheniere Energy, Inc. (LNG:M) 29 Chesapeake Energy Corp. (CHK:N) 26 Chesapeake Granite Wash Trust (CHKR:N) 26 Chevron Corp. (CVX:N) 28 Chinook Energy Inc. (CKE:T) 32 Chipotle Mexican Grill, Inc. (CMG:N) 22 Choice Properties REIT (CHP.UN:T) 63 Christian Dior (DIOR.PA:EPA) 24 Chubb Corporation (CB:N) 42 Church & Dwight Co., Inc. (CHD:N) 21 Chuy's Holdings, Inc. (CHUY:Q) 22 Ciena Corporation (CIEN:N) 68 CIGNA Corporation (CI:N) 46 Cimarex Energy Co. (XEC:N) 26 Cincinnati Bell Inc. (CBB:N) 74 Cinemark Holdings, Inc. (CNK:N) 19 Cineplex Inc. (CGX:T) 23 Cisco Systems (CSCO:Q) 68 Citrix Systems Inc. (CTXS:Q) 70 Civitas Solutions, Inc. (CIVI:N) 46 Clayton Williams Energy, Inc. (CWEI:N) 26 Clean Energy Fuels Corp. (CLNE:Q) 31 Clean Harbors (CLH:N) 51 The Clorox Company (CLX:N) 21 CM Finance Inc. (CMFN:Q) 43 CME Group Inc. (CME:Q) 41 Cobham (COB.L:L) 54 Coeur Mining Inc. (CDE:N) 57 Cogent Communications Holdings Inc. (CCOI:Q) 74 Colgate-Palmolive Company (CL:N) 21 Colliers International Group Inc. (CIGI:Q) 62 Colruyt (COLR.BR:EBR) 24 Columbia Banking System, Inc. (COLB:Q) 37 Comcast Corp. (CMCSA:Q) 74 Comerica Inc. (CMA:N) 37

Commerce Bancshares, Inc. (CBSH:Q) 37 CommScope Holding Company, Inc. (COMM:Q) 68 Community Bank System, Inc. (CBU:N) 37 Community Health Systems, Inc. (CYH:N) 48 Community Trust Bancorp, Inc. (CTBI:Q) 37 CommVault Systems Inc. (CVLT:Q) 70 Compass Diversified Holdings (CODI:N) 43 Compass Group (CPG.L:L) 24 Computer Programs and Systems, Inc. (CPSI:Q) 47 Computer Sciences Corporation (CSC:N) 72 Comstock Resources (CRK:N) 26 Comtech Telecommunications Corp. (CMTL:Q) 72 Concho Resources Inc. (CXO:N) 26 Conifex Timber Inc. (CFF:T) 56 ConnectOne Bancorp, Inc. (CNOB:Q) 37 Connecture Inc. (CNXR:Q) 47 ConocoPhillips (COP:N) 26 CONSOL Energy Inc. (CNX:N) 26 Consolidated Communications Holdings (CNSL:Q) 74 Constant Contact, Inc. (CTCT:Q) 67 Continental Resources Inc. (CLR:N) 26 Control4 Corporation (CTRL:Q) 69 Con-way Inc. (CNW:N) 80 The Cooper Companies, Inc. (COO:N) 48 Copa Holdings, S.A. (CPA:N) 78 Copper Mountain Mining (CUM:T) 56 Core-Mark Holding Company, Inc. (CORE:Q) 20 Corporate Office Properties Trust (OFC:N) 61 Costco Wholesale Corporation (COST:Q) 21 Covanta Holding Corp. (CVA:N) 51 Crawford & Company (CRD.B:N) 41 Credit Acceptance Corp. (CACC:Q) 43 Cree, Inc. (CREE:Q) 73 CREIT (REF.UN:T) 62 Crescent Point Energy (CPG:T) 32 Crestwood Equity Partners L.P. (CEQP:N) 29 Crestwood Midstream Partners L.P. (CMLP:N) 29 Cresud SACIFYA (CRESY:Q) 58 Crew Energy Inc. (CR:T) 32 Criteo S.A. (CRTO:Q) 70 Crombie REIT (CRR.UN:T) 63 CrossAmerica Partners L.P. (CAPL:N) 29 Crown Castle International (CCI:N) 73 CSI Compressco Partners L.P. (CCLP:Q) 30 CST Brands, Inc. (CST:N) 20 CSX Corp. (CSX:N) 79 CT Real Estate Investment Trust (CRT.UN:T) 63 Ctrip.com International, Ltd. (CTRP:Q) 71 CU Bancorp (CUNB:Q) 37 CubeSmart (CUBE:N) 61 Cubic Corporation (CUB:N) 72 Culp, Inc. (CFI:N) 19 CVB Financial Corp. (CVBF:Q) 37 CVS Health (CVS:N) 47 Cypress Energy Partners L.P. (CELP:N) 31 CyrusOne Inc. (CONE:Q) 74 D.R. Horton, Inc. (DHI:N) 59 Darden Restaurants (DRI:N) 22 Dave & Buster’s Entertainment, Inc. (PLAY:Q) 22 DaVita HealthCare Partners Inc. (DVA:N) 46 Dawson Geophysical Company (DWSN:Q) 31 Del Frisco’s Restaurant Group, Inc. (DFRG:Q) 22

Company Index


Delek Logistics Partners L.P. (DKL:N) 29 Delek US Holdings, Inc. (DK:N) 28 Delhaize (DELB.BR:EBR) 24 Delphi Energy Corp. (DEE:T) 32 Delta Air Lines, Inc. (DAL:N) 78 Demandware (DWRE:N) 67 Denbury Resources Inc. (DNR:N) 26 Denison Mines Corp. (DML:T) 58 The Descartes Systems Group Inc. (DSGX:Q) 76 Detour Gold Corp. (DGC:T) 57 Deutsche Telekom (DTE.DE:ETR) 77 Devon Energy Corporation (DVN:N) 26 DexCom Inc. (DXCM:Q) 48 DH Corporation (DH:T) 75 Dia (DIDA.MC:MAD) 24 Diageo (DGE.L:L) 23 Diamond Offshore (DO:N) 30 Diamondback Energy, Inc. (FANG:Q) 26 DiamondRock Hospitality Company (DRH:N) 60 Dick`s Sporting Goods Inc. (DKS:N) 20 Digi International Inc. (DGII:Q) 69 Digital Realty Trust, Inc. (DLR:N) 61 DigitalGlobe, Inc. (DGI:N) 72 DineEquity, Inc. (DIN:N) 22 Diodes Incorporated (DIOD:Q) 66 Diplomat Pharmacy, Inc. (DPLO:N) 49 DIRTT Environmental Solutions Ltd. (DRT:T) 53 DISH Network Corp. (DISH:Q) 74 The Dixie Group (DXYN:Q) 20 Dollar General Corp. (DG:N) 20 Dollar Tree, Inc. (DLTR:Q) 20 Dollarama (DOL:T) 23 Domtar (UFS:N) 56 Douglas Emmett (DEI:N) 61 DragonWave (DRWI:Q) 76 DuPont Fabros Technology Inc. (DFT:N) 61 Dycom Industries, Inc. (DY:N) 68 E*TRADE FINANCIAL Corporation (ETFC:Q) 41 E.On (EONGn.DE:ETR) 34 Eagle Rock Energy Partners L.P. (EROC:Q) 26 East West Bancorp, Inc. (EWBC:Q) 37 Easterly Government Properties, Inc. (DEA:N) 61 Eastern Platinum Ltd. (ELR:T) 56 Eastern Virginia Bankshares, Inc. (EVBS:Q) 38 EastGroup Properties, Inc. (EGP:N) 61 easyhome Ltd. (EH:T) 44 easyJet plc (EZJ.L:L) 81 eBay Inc. (EBAY:Q) 70 ECA Marcellus Trust I (ECT:N) 26 EchoStar Corporation (SATS:Q) 72 Ecopetrol S.A. (EC:N) 28 Edenor (EDN:N) 35 Edenred (EDEN.PA:EPA) 24 EDF (EDF.PA:EPA) 34 Eiffage (FOUG.PA:EPA) 54 Eldorado Gold Corp. (EGO:N) 57 Element Financial Corporation (EFN:T) 44 Elizabeth Arden Inc. (RDEN:Q) 21 EMC Corporation (EMC:N) 71 Empire Company Limited (EMP.A:T) 23 Encore Capital Group Inc. (ECPG:Q) 43 Endeavour Mining Corp. (EDV:T) 57

Endeavour Silver Corp. (EDR:T) 57 Endo International plc (ENDP:Q) 49 Enel (ENEI.MI:BIT) 34 Enerflex Ltd. (EFX:T) 33 Energen Corp. (EGN:N) 26 Energy Transfer Equity L.P. (ETE:N) 29 Energy Transfer Partners L.P. (ETP:N) 29 Energy XXI Limited (EXXI:Q) 26 EnerNOC, Inc. (ENOC:Q) 31 Engie (GSZ.PA:EPA) 34 Eni (ENI.MI:BIT) 34 EnLink Midstream LLC (ENLC:N) 29 EnLink Midstream Partners L.P. (ENLK:N) 29 Enphase Energy, Inc. (ENPH:Q) 31 Ensco plc (ESV:N) 30 Ensign Energy Services Inc. (ESI:T) 33 Enterprise Financial Services Corp. (EFSC:Q) 38 Enterprise Products Partners L.P. (EPD:N) 29 Envestnet, Inc. (ENV:N) 41 Enviva Partners L.P. (EVA:N) 31 EOG Resources, Inc. (EOG:N) 26 Equifax, Inc. (EFX:N) 75 Equinix (EQIX:Q) 74 Equity One, Inc. (EQY:N) 61 Equity Residential (EQR:N) 61 Ericsson (ERIC:Q) 68 Essential Energy Services Ltd. (ESN:T) 33 Essex Property Trust, Inc. (ESS:N) 61 Essilor (ESSI.PA:EPA) 23 Estee Lauder Companies (EL:N) 21 Ethan Allen Interiors (ETH:N) 19 EV Energy Partners L.P. (EVEP:Q) 26 EverBank Financial Corp (EVER:N) 38 Evertz Technologies Ltd. (ET:T) 76 Exchange Income Corp (EIF:T) 52 Expedia, Inc. (EXPE:Q) 71 Expeditors International of Washington, Inc. (EXPD:Q) 79 Express Scripts (ESRX:Q) 46 Exterran Partners L.P. (EXLP:Q) 30 Extra Space Storage (EXR:N) 61 Extreme Networks, Inc. (EXTR:Q) 68 Exxon Mobil Corp. (XOM:N) 28 F5 Networks, Inc. (FFIV:Q) 68 Facebook, Inc. (FB:Q) 71 FactSet Research Systems Inc. (FDS:N) 41 Fairchild Semiconductor International (FCS:Q) 66 Farmers Capital Bank Corp. (FFKT:Q) 38 Fastenal Company (FAST:Q) 51 FBL Financial Group (FFG:N) 42 Federal Realty Investment Trust (FRT:N) 61 Federated National Holding Company (FNHC:Q) 42 FedEx Corporation (FDX:N) 79 Ferrellgas Partners L.P. (FGP:N) 29 Ferrovial (FER.MC:MAD) 54 Fidelity National Information Services (FIS:N) 75 Fidus Investment Corporation (FDUS:Q) 43 Fiesta Restaurant Group, Inc. (FRGI:Q) 22 Fifth Street Finance Corp. (FSC:Q) 43 Fifth Third Bancorp (FITB:Q) 38 Financial Engines, Inc. (FNGN:Q) 41 Finisar Corporation (FNSR:Q) 68 Finning International (FTT:T) 53

Company Index


FireEye Inc. (FEYE:Q) 70 First Bancorp (FBNC:Q) 38 First Busey Corporation (BUSE:Q) 38 First Business Financial Services, Inc. (FBIZ:Q) 38 First Community Corporation (FCCO:Q) 38 First Defiance Financial Corp. (FDEF:Q) 38 First Financial Bancorp (FFBC:Q) 38 First Financial Corporation (THFF:Q) 38 First Foundation Inc. (FFWM:Q) 38 First Horizon National Corporation (FHN:N) 38 First Industrial Realty Trust, Inc. (FR:N) 61 First Majestic Silver (FR:T) 57 First Merchants Corporation (FRME:Q) 38 First Midwest Bancorp, Inc. (FMBI:Q) 38 The First of Long Island Corporation (FLIC:Q) 38 First Potomac Realty Trust (FPO:N) 61 First Quantum Minerals Ltd. (FM:T) 56 First Republic Bank (FRC:N) 38 First Security Group, Inc. (FSGI:Q) 38 First Solar, Inc. (FSLR:Q) 31 FirstMerit Corp. (FMER:Q) 38 FirstService Corporation (FSV:Q) 62 Fission Uranium Corp. (FCU:T) 58 FitBit, Inc. (FIT:N) 69 FleetCor Technologies (FLT:N) 75 Flex (FLEX:Q) 69 FLIR Systems (FLIR:Q) 72 FMC Technologies, Inc. (FTI:N) 30 Fnac (FNAC.PA:EPA) 24 Fortinet Inc. (FTNT:Q) 70 Fortress Paper (FTP:T) 56 Fortress Transportation & Infrastructure Investors LLC (FTAI:N) 79 Fortum (FUM1V.HE:HEL) 34 Fortuna Silver Mines Inc. (FVI:T) 57 Forward Air Corporation (FWRD:Q) 79 Franco-Nevada Corp. (FNV:N) 57 Fraport (FRAG.DE:ETR) 54 The Fresh Market, Inc. (TFM:Q) 20 Frontier Communications Corp. (FTR:Q) 74 Fulton Financial (FULT:Q) 38 FXCM Inc. (FXCM:N) 41 GAIN Capital Holdings, Inc. (GCAP:N) 41 Garmin Ltd. (GRMN:Q) 69 GATX Corporation (GMT:N) 79 Genesee & Wyoming Inc. (GWR:N) 79 Genesis Energy L.P. (GEL:N) 29 GenMark Diagnostics, Inc. (GNMK:Q) 47 Genomic Health (GHDX:Q) 47 Genworth Financial (GNW:N) 42 GeoPark Limited (GPRK:N) 35 German American Bancorp, Inc. (GABC:Q) 38 Gibson Energy Inc. (GEI:T) 32 Gigamon Inc. (GIMO:N) 68 Gildan Activewear (GIL:N) 23 GKN (GKN.L:L) 54 Glacier Bancorp, Inc. (GBCI:Q) 38 Glacier Media Inc. (GVC:T) 23 Global Partners L.P. (GLP:N) 29 Global Payments Inc. (GPN:N) 75 GOL Linhas Aereas Inteligentes S.A. (GOL:N) 79 Golar LNG Partners L.P. (GMLP:Q) 29 Goldcorp Inc. (GG:N) 57

Goldman Sachs BDC, Inc. (GSBD:N) 43 Golub Capital BDC, Inc. (GBDC:Q) 43 Goodrich Petroleum Corp. (GDP:N) 26 Google Inc. (GOOG:Q) 71 GoPro, Inc. (GPRO:Q) 69 Granite Oil Corp. (GXO:T) 32 Great Canadian Gaming (GC:T) 23 Green Plains Partners L.P. (GPP:Q) 31 The Greenbrier Companies, Inc. (GBX:N) 79 Grenville Strategic Royalty Corp. (GRC:V) 52 Groupon, Inc. (GRPN:Q) 70 GrubHub Inc. (GRUB:N) 70 Grupo Clarin S.A. (GCLA:BA) 77 Grupo Financiero Galicia (GGAL:Q) 44 Guaranty Federal Bancshares Inc. (GFED:Q) 38 Guyana Goldfields Inc. (GUY:T) 57 H&M (HMb.ST:STO) 24 H&R REIT (HR.UN:T) 62 The Habit Restaurants, Inc. (HABT:Q) 22 Haemonetics Corporation (HAE:N) 48 Halcón Resources Corp. (HK:N) 27 Halliburton (HAL:N) 30 Hallmark Financial Services Inc (HALL:Q) 42 Halogen Software, Inc. (HGN:T) 67 Halyard Health Inc. (HYH:N) 48 Hancock Holding Company (HBHC:Q) 38 Hanmi Financial Corporation (HAFC:Q) 38 Harley-Davidson, Inc. (HOG:N) 19 Harman International, Inc. (HAR:N) 69 Harmonic Inc. (HLIT:Q) 68 Harris Corporation (HRS:N) 69 Haverty Furniture Companies Inc. (HVT:N) 21 HCA Holdings, Inc. (HCA:N) 48 HCC Insurance Holdings (HCC:N) 42 HD Supply Holdings Inc. (HDS:Q) 51 Health Care REIT, Inc. (HCN:N) 60 Health Insurance Innovations, Inc. (HIIQ:Q) 42 Healthcare Trust of America, Inc. (HTA:N) 60 HealthEquity, Inc. (HQY:Q) 41 HealthSouth Corporation (HLS:N) 46 HealthStream, Inc. (HSTM:Q) 47 Heartland Express, Inc. (HTLD:Q) 80 Heartland Financial USA, Inc. (HTLF:Q) 38 Heartland Payment Systems (HPY:N) 75 Heartware International, Inc. (HTWR:Q) 48 HEICO Corporation (HEI:N) 69 Helix Energy Solutions Group (HLX:N) 30 Henkel (HNKG_p.DE:ETR) 24 Hercules Technology Growth Capital Inc. (HTGC:N) 43 Heritage Financial Corporation (HFWA:Q) 38 Heritage Oaks Bancorp (HEOP:Q) 38 Herman Miller (MLHR:Q) 19 Hermes International (HRMS.PA:EPA) 24 Héroux-Devtek Inc. (HRX:T) 52 Hersha Hospitality Trust (HT:N) 60 Heska Corporation (HSKA:Q) 46 Hess Corp. (HES:N) 27 Hewlett-Packard (HPQ:N) 71 Hibbett Sports, Inc. (HIBB:Q) 20 Hi-Crush Partners L.P. (HCLP:N) 31 Hill-Rom Holdings, Inc. (HRC:N) 48 Hilltop Holdings Inc. (HTH:N) 38

Company Index


Hilton Worldwide Holdings Inc. (HLT:N) 60 HNI Corporation (HNI:N) 19 Holly Energy Partners L.P. (HEP:N) 29 HollyFrontier Corp. (HFC:N) 28 Hologic Inc. (HOLX:Q) 48 Home BancShares, Inc. (HOMB:Q) 38 The Home Depot Inc. (HD:N) 21 HomeAway, Inc. (AWAY:Q) 71 HopFed Bancorp, Inc. (HFBC:Q) 38 Horizon Bancorp (HBNC:Q) 38 Horizon North Logistics Inc. (HNL:T) 33 Horizon Technology Finance Corporation (HRZN:Q) 43 Hospira, Inc. (HSP:N) 48 Host Hotels & Resorts Inc. (HST:N) 60 Houston Wire & Cable Company (HWCC:Q) 51 Hub Group, Inc. (HUBG:Q) 79 HubSpot, Inc. (HUBS:N) 67 HudBay Minerals, Inc. (HBM:T) 56 Humana (HUM:N) 46 Huntington Bancshares Inc. (HBAN:Q) 38 Husky Energy Inc. (HSE:T) 33 Hyatt Hotels Corporation (H:N) 60 IAG (IAG.MC:MAD) 81 IAMGOLD Corp. (IAG:N) 57 IBERIABANK Corporation (IBKC:Q) 39 IBI Group Inc. (IBG:T) 52 ICON plc (ICLR:Q) 49 ICU Medical, Inc. (ICUI:Q) 48 IDEXX Laboratories Inc (IDXX:Q) 46 Iliad (ILD.PA:EPA) 77 Impax Laboratories, Inc. (IPXL:Q) 49 Imperial Oil Limited (IMO:T) 33 INC Research Holdings (INCR:Q) 49 Inditex (ITX.MC:MAD) 24 Infinity Property and Casualty Corporation (IPCC:Q) 42 Ingram Micro Inc. (IM:N) 71 Inland Real Estate Corporation (IRC:N) 61 Insight Enterprises, Inc. (NSIT:Q) 71 Insperity (NSP:N) 46 Insulet (PODD:Q) 48 Integra LifeSciences Corp. (IART:Q) 48 Intel Corporation (INTC:Q) 73 Inteliquent (IQNT:Q) 74 Intelsat S.A. (I:N) 72 Inter Parfums, Inc. (IPAR:Q) 21 Inter Pipeline Ltd. (IPL:T) 32 Interactive Intelligence Group Inc. (ININ:Q) 68 Intercontinental Exchange, Inc. (ICE:N) 41 Intercontinental Hotels (IHG.L:L) 63 Interface, Inc. (TILE:Q) 20 Interfor Corp. (IFP:T) 56 Internap Network Services Corp. (INAP:Q) 74 InterOil Corp. (IOC:N) 27 InterRent REIT (IIP.UN:T) 63 InterXion Holding NV (INXN:N) 74 Intuit Inc. (INTU:Q) 75 Intuitive Surgical, Inc. (ISRG:Q) 48 Inversora Juramento SA (INVJ:BA) 58 Iridium Communications Inc. (IRDM:Q) 72 iRobot Corporation (IRBT:Q) 72 IRSA Inversiones y Representaciones SA (IRS:N) 64 Ivanhoe Mines Ltd. (IVN:T) 56

J.B. Hunt Transport Services, Inc. (JBHT:Q) 79 Jabil Circuit, Inc. (JBL:N) 69 Jarden Corp. (JAH:N) 21 Jernigan Capital, Inc. (JCAP:N) 61 Jeronimo Martins (JMT.LS:ELI) 24 JetBlue Airways (JBLU:Q) 79 Johnson & Johnson (JNJ:N) 48 Joy Global Inc. (JOY:N) 53 Juniper Networks, Inc. (JNPR:N) 68 Kaminak Gold Corporation (KAM:V) 57 Kansas City Southern (KSU:N) 79 KB Home (KBH:N) 59 KCG Holdings, Inc. (KCG:N) 41 Kelt Exploration Ltd. (KEL:T) 32 Kemper Corp (KMPR:N) 42 Kering (KER.PA:EPA) 24 Key Energy Services Inc. (KEG:N) 31 KeyCorp (KEY:N) 39 Keyera Corp (KEY:T) 32 Killam Properties Inc. (KMP:T) 63 Kimco Realty Corporation (KIM:N) 61 Kinder Morgan, Inc. (KMI:N) 29 Kinross Gold Corporation (KGC:N) 57 Kite Realty Group Trust (KRG:N) 61 Kivalliq Energy Corp. (KIV:V) 58 Knight Transportation, Inc. (KNX:N) 80 Knoll, Inc. (KNL:N) 19 KNOT Offshore Partners L.P. (KNOP:N) 29 Kona Grill, Inc. (KONA:Q) 22 Kosmos Energy Ltd. (KOS:N) 27 KPN (KPN.AS:AMS) 77 KVH Industries (KVHI:Q) 72 Laboratory Corporation of America Holdings (LH:N) 46 Labrador Iron Ore Royalty Corp. (LIF:T) 56 Lakeland Bancorp, Inc. (LBAI:Q) 39 Lakeland Financial Corporation (LKFN:Q) 39 Landmark Infrastructure Partners L.P. (LMRK:Q) 73 Landstar System, Inc. (LSTR:Q) 79 Lannett Company, Inc. (LCI:N) 49 Laredo Petroleum Inc. (LPI:N) 27 LaSalle Hotel Properties (LHO:N) 60 LATAM Airlines Group S.A. (LFL:N) 78 Lazard Ltd (LAZ:N) 41 La-Z-Boy Inc. (LZB:N) 19 Legacy Reserves L.P. (LGCY:Q) 27 LegacyTexas Financial Group, Inc. (LTXB:Q) 39 Leggett & Platt (LEG:N) 19 Legumex Walker Inc. (LWP:T) 55 Lennar Corporation (LEN:N) 59 Leucrotta Exploration Inc. (LXE:V) 32 Level 3 Communications Inc. (LVLT:N) 74 Lexmark International, Inc. (LXK:N) 71 LifePoint Health, Inc. (LPNT:Q) 48 Limelight Networks (LLNW:Q) 70 Lincoln National Corp. (LNC:N) 42 Linear Technology Corporation (LLTC:Q) 66 LinkedIn Corp. (LNKD:N) 71 LINN Energy, LLC (LINE:Q) 27 LinnCo, LLC (LNCO:Q) 27 LKQ Corporation (LKQ:Q) 51 Loblaw Companies Ltd. (L:T) 23 Logitech International SA (LOGI:Q) 68

Company Index


L'Oréal (OREP.PA:EPA) 24 Lowe`s Companies, Inc. (LOW:N) 21 LRR Energy L.P. (LRE:N) 27 Lufthansa (LHAG.DE:ETR) 81 Lumber Liquidators Holdings, Inc. (LL:N) 21 Lumenpulse Inc. (LMP:T) 76 Lumentum Holdings, Inc. (LITE:Q) 68 Lundin Mining Corporation (LUN:T) 56 Luxottica (LUX.MI:BIT) 23 LVMH (LVMH.PA:EPA) 24 M/A-COM Technology Solutions (MTSI:Q) 66 MacDonald Dettwiler & Associates (MDA:T) 76 MAG Silver (MAG:T) 57 Magellan Health (MGLN:Q) 46 Magellan Midstream Partners L.P. (MMP:N) 29 Main Street Capital Corp (MAIN:N) 43 Malibu Boats, Inc. (MBUU:Q) 19 Mandalay Resources Corp. (MND:T) 57 Manhattan Associates, Inc. (MANH:Q) 67 Manning & Napier Inc. (MN:N) 36 Marathon Oil Corp. (MRO:N) 27 Marathon Petroleum Corp. (MPC:N) 28 Marine Products Corporation (MPX:N) 19 MarineMax (HZO:N) 19 MarketAxess Holdings Inc. (MKTX:Q) 41 Marketo, Inc. (MKTO:Q) 67 Marriott International, Inc. (MAR:Q) 60 Marsh and McLennan Companies, Inc. (MMC:N) 41 Marten Transport, Ltd. (MRTN:Q) 80 Martin Midstream Partners L.P. (MMLP:Q) 29 Marvell Technology Group, Ltd. (MRVL:Q) 73 Masco Corporation (MAS:N) 21 Masimo Corp. (MASI:Q) 48 MasterCard, Inc. (MA:N) 75 Mattress Firm Holding Corp. (MFRM:Q) 21 Maxim Integrated (MXIM:Q) 66 MAXIMUS Inc. (MMS:N) 72 MB Financial, Inc. (MBFI:Q) 39 MCBC Holdings, Inc. (MCFT:Q) 19 McCoy Global (MCB:T) 33 McDonald's Corporation (MCD:N) 22 McGraw Hill Financial Inc. (MHFI:N) 41 McKesson Corporation (MCK:N) 47 MDC Holdings (MDC:N) 59 MedAssets (MDAS:Q) 47 MEDNAX, Inc. (MD:N) 46 MEG Energy Corp. (MEG:T) 33 Meggitt (MGGT.L:L) 54 Melia Hotels International (MEL.MC:MAD) 63 Memorial Production Partners L.P. (MEMP:Q) 27 Memorial Resource Development Corp (MRD:Q) 27 Mercantile Bank Corp. (MBWM:Q) 39 Mercer International Inc. (MERC:Q) 56 Mercury General Corporation (MCY:N) 42 Meridian Bioscience, Inc. (VIVO:Q) 47 Merit Medical Systems Inc. (MMSI:Q) 48 Meta Financial Group, Inc. (CASH:Q) 39 Methanex (MEOH:Q) 52 MetLife, Inc. (MET:N) 42 Metro (MEOG.DE:ETR) 24 Metro, Inc. (MRU:T) 23 The Michaels Companies, Inc. (MIK:Q) 20

Micron Technology, Inc. (MU:Q) 73 Microsemi Corporation (MSCC:Q) 66 Microsoft (MSFT:Q) 70 Mid-America Apartment Communities Inc. (MAA:N) 61 Mid-Con Energy Partners L.P. (MCEP:Q) 27 MidSouth Bancorp, Inc. (MSL:N) 39 MidWestOne Financial Group, Inc. (MOFG:Q) 39 MiX Telematics Limited (MIXT:N) 67 MobileIron, Inc. (MOBL:Q) 70 Mobileye N.V. (MBLY:N) 69 Mobistar (MSTAR.BR:EBR) 77 Model N, Inc. (MODN:N) 67 Mohawk Industries (MHK:N) 20 Molina Healthcare (MOH:N) 46 Monolithic Power Systems, Inc. (MPWR:Q) 66 Moody's Corporation (MCO:N) 41 Mosaic Capital Corporation (M:V) 52 Motorola Solutions, Inc. (MSI:N) 69 MRC Global (MRC:N) 51 MSC Industrial Direct (MSM:N) 51 MSCI Inc. (MSCI:N) 41 Mullen Group Ltd. (MTL:T) 33 Murphy Oil Corp. (MUR:N) 27 Murphy USA Inc. (MUSA:N) 20 MV Oil Trust (MVO:N) 27 Mylan N.V. (MYL:Q) 49 Nabors Industries Ltd. (NBR:N) 31 The NASDAQ OMX Group, Inc. (NDAQ:Q) 41 National Commerce Corporation (NCOM:Q) 39 National Fuel Gas Company (NFG:N) 27 National Interstate Corporation (NATL:Q) 42 National Oilwell Varco Inc. (NOV:N) 30 National Retail Properties, Inc. (NNN:N) 60 Natus Medical Inc. (BABY:Q) 48 NCI, Inc. (NCIT:Q) 72 NeoPhotonics Corporation (NPTN:N) 68 NetApp Inc. (NTAP:Q) 71 Netflix Inc. (NFLX:Q) 70 NETGEAR Inc. (NTGR:Q) 69 NetSuite, Inc. (N:N) 67 Nevsun Resources Ltd. (NSU:T) 56 New Gold, Inc. (NGD:M) 57 New Relic, Inc. (NEWR:N) 70 New York Community Bancorp, Inc. (NYCB:N) 39 NewBridge Bancorp (NBBC:Q) 39 Newell Rubbermaid Inc. (NWL:N) 21 Newfield Exploration Company (NFX:N) 27 Newmarket Gold Inc. (NMI:T) 57 Newpark Resources (NR:N) 31 NexGen Energy Ltd. (NXE:V) 58 NexJ Systems Inc. (NXJ:T) 76 NGL Energy Partners L.P. (NGL:N) 29 NH Hoteles (NHH.MC:MAD) 63 NIC Inc. (EGOV:Q) 72 Nimble Storage (NMBL:N) 71 Niska Gas Storage Partners LLC (NKA:N) 29 Noble Corp plc (NE:N) 30 Noble Energy, Inc. (NBL:N) 27 Nokia (NOK:N) 68 Norbord Inc. (NBD:T) 56 Norfolk Southern Corp. (NSC:N) 79 North American Energy Partners (NOA:T) 52

Company Index


Northern Oil & Gas Inc. (NOG:M) 27 Northern Trust Corporation (NTRS:Q) 39 NOW Inc. (DNOW:N) 51 NTELOS Holdings Corp. (NTLS:Q) 73 Nuance Communications, Inc. (NUAN:Q) 69 NuStar Energy L.P. (NS:N) 29 NuStar GP Holdings, LLC (NSH:N) 29 NuVista Energy Ltd. (NVA:T) 32 NVIDIA Corporation (NVDA:Q) 73 NXP Semiconductors N.V. (NXPI:Q) 66 O`Reilly Automotive, Inc. (ORLY:Q) 20 Oasis Petroleum Inc. (OAS:N) 27 Occidental Petroleum Corp. (OXY:N) 27 Ocean Rig UDW (ORIG:Q) 30 Oil States International, Inc. (OIS:N) 30 Old Dominion Freight Line, Inc. (ODFL:Q) 80 Old Line Bancshares Inc. (OLBK:Q) 39 Old National Bancorp (ONB:Q) 39 Old Republic International Corp. (ORI:N) 42 OmniVision Technologies, Inc. (OVTI:Q) 73 OMV (OMV.AV:WBAG) 34 On Deck Capital, Inc. (ONDK:N) 75 ON Semiconductor Corporation (ON:Q) 66 Open Text (OTEX:Q) 76 Oracle Corp. (ORCL:N) 70 Orange (ORA.PA:EPA) 77 OraSure Technologies, Inc. (OSUR:Q) 47 ORBCOMM, Inc. (ORBC:Q) 72 Orbital ATK, Inc. (OA:N) 72 Orezone Gold Corp. (ORE:T) 57 Ovivo Inc. (OVI.A:T) 53 Pacific Continental Corporation (PCBK:Q) 39 Pacific Drilling (PACD:N) 30 Pacific Premier Bancorp, Inc. (PPBI:Q) 39 Paladin Energy Ltd. (PDN:T) 58 Palo Alto Networks (PANW:N) 70 Pampa Energia SA (PAM:N) 35 Pan American Silver (PAAS:Q) 57 Pandora Media, Inc. (P:N) 71 Panera Bread Co. (PNRA:Q) 22 Papa Murphy's Holdings, Inc. (FRSH:Q) 22 Paramount Resources Ltd. (POU:T) 32 PAREXEL (PRXL:Q) 49 Park Sterling Corporation (PSTB:Q) 39 Parkway Properties (PKY:N) 61 Parsley Energy, Inc. (PE:N) 27 Pattern Energy Group Inc. (PEGI:Q) 52 Patterson-UTI Energy, Inc. (PTEN:Q) 31 Paylocity Holding Corporation (PCTY:Q) 67 PayPal Holdings, Inc. (PYPL:Q) 75 PBF Energy, Inc. (PBF:N) 28 PC Connection, Inc. (PCCC:Q) 71 Pebblebrook Hotel Trust (PEB:N) 60 Pembina Pipeline Corp. (PPL:T) 32 Pengrowth Energy Corporation (PGF:T) 32 PennTex Midstream Partners L.P. (PTXP:Q) 29 Peoples Bancorp Inc. (PEBO:Q) 39 Pericom Semiconductor Corporation (PSEM:Q) 73 Pernod Ricard (PERP.PA:EPA) 23 Perrigo Company PLC (PRGO:N) 49 Petrobras Argentina (PZE:N) 35 Petróleo Brasileiro S.A. (PBR:N) 28

PetroQuest Energy (PQ:N) 27 Peyto Exploration and Development (PEY:T) 32 PGT, Inc. (PGTI:Q) 21 Phillips 66 (PSX:N) 28 Physicians Realty Trust (DOC:N) 60 Pier 1 Imports Incorporated (PIR:N) 21 Pinnacle Financial Partners, Inc. (PNFP:Q) 39 Pioneer Energy Services Corp (PES:N) 31 Pioneer Natural Resources Company (PXD:N) 27 Plains All American Pipeline L.P. (PAA:N) 29 Plains GP Holdings L.P. (PAGP:N) 29 Plantronics, Inc. (PLT:N) 68 Platinum Group Metals Ltd. (PTM:T) 56 Plexus Corp. (PLXS:Q) 69 Plum Creek Timber Company, Inc. (PCL:N) 62 PNC Financial Services Group, Inc. (PNC:N) 39 Polaris Industries (PII:N) 19 Polycom Inc. (PLCM:Q) 68 Post Properties, Inc. (PPS:N) 61 Potash Corp. of Saskatchewan Inc. (POT:N) 55 Potlatch Corporation (PCH:Q) 62 Power Integrations, Inc. (POWI:Q) 66 PRA Group Inc. (PRAA:Q) 43 Praxair, Inc. (PX:N) 51 Precision Drilling Corporation (PD:T) 33 Preferred Bank (PFBC:Q) 39 Premier, Inc. (PINC:Q) 47 Premiere Global Services Inc. (PGI:N) 68 Press Ganey Holdings, Inc. (PGND:N) 47 Prestige Brands Holdings Inc. (PBH:N) 21 priceline.com Incorporated (PCLN:Q) 71 Primerica, Inc. (PRI:N) 42 Principal Financial Group Inc. (PFG:N) 42 PrivateBancorp, Inc. (PVTB:Q) 39 ProAssurance Corp. (PRA:N) 42 The Procter & Gamble Company (PG:N) 21 Progressive Corporation (PGR:N) 42 Progressive Waste Solutions Ltd. (BIN:N) 51 Prospect Capital Corporation (PSEC:Q) 43 Prosperity Bancshares, Inc. (PB:N) 39 Proximus (PROX.BR:EBR) 77 Prudential Financial, Inc. (PRU:N) 42 Public Storage (PSA:N) 61 Pulaski Financial Corp. (PULB:Q) 39 PulteGroup Inc. (PHM:N) 59 Puma (PUMG.DE:ETR) 24 Pure Industrial Real Estate Trust (AAR.UN:T) 62 Q2 Holdings Inc. (QTWO:N) 67 QCR Holdings, Inc. (QCRH:Q) 39 QEP Resources, Inc. (QEP:N) 27 Qorvo, Inc. (QRVO:Q) 66 QUALCOMM, Inc. (QCOM:Q) 69 Quality Systems Inc. (QSII:Q) 47 Quest Diagnostics Inc. (DGX:N) 46 Questar Corp. (STR:N) 27 Quidel Corporation (QDEL:Q) 47 Quintiles Transnational Holdings (Q:N) 49 Rackspace Hosting (RAX:N) 74 Rallye (GENC.PA:EPA) 24 Ramco-Gershenson Properties Trust (RPT:N) 61 Range Resources Corp. (RRC:N) 27 Rapid7, Inc. (RPD:Q) 70

Company Index


Rayonier, Inc. (RYN:N) 62 RB (RB.L:L) 24 Realty Income (O:N) 60 Red Hat, Inc. (RHT:N) 70 Red Robin Gourmet Burgers, Inc. (RRGB:Q) 22 Redknee Solutions Inc. (RKN:T) 76 Regal Entertainment Group (RGC:N) 19 Regency Centers Corp. (REG:N) 61 Regions Financial Corporation (RF:N) 39 Reinsurance Group of America, Inc. (RGA:N) 42 Remy Cointreau (RCOP.PA:EPA) 23 Renasant Corporation (RNST:Q) 39 Rent-A-Center Inc. (RCII:Q) 21 Repsol (REP.MC:MAD) 34 Republic Bancorp, Inc. (RBCAA:Q) 39 Republic Services, Inc. (RSG:N) 51 Resolute Energy Corp. (REN:N) 27 Restoration Hardware Holdings, Inc. (RH:N) 21 Retail Opportunity Investments Corp. (ROIC:Q) 61 Rexel (RXL.PA:EPA) 54 RingCentral, Inc. (RNG:N) 67 RioCan REIT (REI.UN:T) 63 Ritchie Bros. Auctioneers (RBA:N) 53 Rite Aid Corporation (RAD:N) 47 Riverview Bancorp, Inc. (RVSB:Q) 39 RLJ Lodging Trust (RLJ:N) 60 RMP Energy Inc. (RMP:T) 32 Roadrunner Transportation Systems, Inc. (RRTS:N) 79 Rocky Mountain Dealerships Inc. (RME:T) 53 Rolls-Royce (RR.L:L) 54 Romarco Minerals Inc. (R:T) 57 Rowan Companies (RDC:N) 30 Roxgold Inc. (ROG:V) 57 Royal Caribbean Cruises Ltd. (RCL:N) 19 Royal Dutch Shell (RDSa.AS:AMS) 34 Royal Gold Inc. (RGLD:Q) 57 RSP Permian Inc. (RSPP:N) 27 RTI Surgical Inc. (RTIX:Q) 48 Rubicon Project, Inc. (RUBI:N) 71 Rush Enterprises, Inc. (RUSHA:Q) 79 Russel Metals (RUS:T) 53 Ruth`s Hospitality Group, Inc. (RUTH:Q) 22 RWE (RWEG.DE:ETR) 34 Ryanair Holdings plc (RYAAY:Q) 79 Ryder System, Inc. (R:N) 79 The Ryland Group, Inc. (RYL:N) 59 Ryman Hospitality Properties Inc. (RHP:N) 60 S&T Bancorp, Inc. (STBA:Q) 39 Sabra Health Care REIT, Inc. (SBRA:Q) 60 Safran (SAF.PA:EPA) 54 Sagent Pharmaceuticals, Inc. (SGNT:Q) 49 Saia, Inc. (SAIA:Q) 80 Saint-Gobain (SGOB.PA:EPA) 54 Saipem (SPMI.MI:BIT) 34 salesforce.com, Inc. (CRM:N) 67 Sally Beauty Holdings Inc. (SBH:N) 21 Salvatore Ferragamo (SFER.MI:BIT) 24 SanDisk Corp. (SNDK:Q) 73 SandRidge Energy Inc. (SD:N) 27 SandRidge Mississippian Trust I (SDT:N) 27 SandRidge Mississippian Trust II (SDR:N) 27 SandRidge Permian Trust (PER:N) 27

Sandstorm Gold Ltd. (SSL:T) 57 Sandy Spring Bancorp, Inc. (SASR:Q) 39 Sanmina Corporation (SANM:Q) 69 Santacruz Silver Mining Ltd. (SCZ:V) 57 Saul Centers, Inc. (BFS:N) 61 Savanna Energy Services (SVY:T) 33 SBA Communications (SBAC:Q) 73 ScanSource, Inc. (SCSC:Q) 71 Schlumberger Ltd. (SLB:N) 30 Schneider Electric (SU.PA:EPA) 54 SciQuest (SQI:Q) 67 The Scotts Miracle-Gro Company (SMG:N) 21 Secure Energy Services Inc. (SES:T) 33 SEI Investments Co. (SEIC:Q) 41 Select Comfort Corp. (SCSS:Q) 19 SEMAFO Inc. (SMF:T) 57 Semtech Corporation (SMTC:Q) 66 Senior (SNR.L:L) 54 Senior Housing Properties Trust (SNH:N) 60 Service Corporation International (SCI:N) 47 ServiceNow, Inc. (NOW:N) 70 ServisFirst Bancshares, Inc. (SFBS:Q) 39 Seven Generations Energy Ltd. (VII:T) 32 Shenandoah Telecommunications Co. (SHEN:Q) 73 Shopify Inc. (SHOP:N) 67 Shutterfly, Inc. (SFLY:Q) 70 Shutterstock, Inc. (SSTK:N) 70 Siderar Sociedad Anonima Industrial Y Comercial (ERAR:BA) 58 Sienna Senior Living Inc. (SIA:T) 62 Sierra Bancorp (BSRR:Q) 40 Sierra Wireless (SWIR:Q) 76 Signature Bank (SBNY:Q) 40 Silver Spring Networks, Inc. (SSNI:N) 31 Silver Wheaton (SLW:N) 57 Silvercorp Metals Inc. (SVM:N) 57 Silvercrest Asset Management Group Inc. (SAMG:Q) 36 SilverCrest Mines Inc. (SVL:T) 57 Simmons First National Corporation (SFNC:Q) 40 Simon Property Group, Inc. (SPG:N) 60 Skullcandy, Inc. (SKUL:Q) 20 Sky (SKY.L:L) 77 SkyWest, Inc. (SKYW:Q) 79 Skyworks Solutions (SWKS:Q) 66 Sleep Country Canada Holdings Inc. (ZZZ:T) 23 SM Energy Company (SM:N) 27 SmartREIT (SRU.UN:T) 63 SNC-Lavalin (SNC:T) 52 Sodexo (EXHO.PA:EPA) 24 SolarCity Corp. (SCTY:Q) 31 Solazyme, Inc. (SZYM:Q) 31 Solera Holdings, Inc. (SLH:N) 41 Southcross Energy Partners L.P. (SXE:N) 29 Southwest Airlines Co. (LUV:N) 79 Southwest Bancorp, Inc. (OKSB:Q) 40 Southwestern Energy Company (SWN:N) 28 Sovran Self Storage, Inc. (SSS:N) 61 Spectra Energy Partners L.P. (SEP:N) 30 Spirit Airlines, Inc. (SAVE:Q) 79 Spirit Realty Capital, Inc. (SRC:N) 60 Splunk Inc. (SPLK:Q) 70 Sprague Resources L.P. (SRLP:N) 30 Springleaf Holdings, Inc. (LEAF:N) 43

Company Index


Sprint Corp. (S:N) 73 SS&C Technologies Holdings, Inc. (SSNC:Q) 41 SSE (SSE.L:L) 34 St. Joe Company (JOE:N) 59 STAG Industrial Inc. (STAG:N) 61 StanCorp Financial Group (SFG:N) 42 Standard Pacific Corporation (SPF:N) 59 Stanley Black & Decker (SWK:N) 21 Stanley Furniture (STLY:Q) 19 Stantec Inc (STN:T) 52 Starwood Hotels & Resorts Worldwide (HOT:N) 60 State Street Corporation (STT:N) 40 Steelcase, Inc. (SCS:N) 19 Steiner Leisure Limited (STNR:Q) 19 Stellus Capital Investment Corporation (SCM:N) 43 Stericycle Inc. (SRCL:Q) 48 Steris Corp. (STE:N) 48 Stock Yards Bancorp Inc. (SYBT:Q) 40 Stone Energy Corp. (SGY:N) 28 StoneMor Partners L.P. (STON:N) 47 STORE Capital Corporation (STOR:N) 60 Storm Resources Ltd. (SRX:V) 32 Strad Energy Services Ltd. (SDY:T) 33 Strategic Hotels & Resorts (BEE:N) 60 Strongco Corp. (SQP:T) 53 Stuart Olson Inc. (SOX:T) 52 Student Transportation Inc. (STB:T) 80 Suburban Propane Partners L.P. (SPH:N) 30 Suez Environnement (SEVI.PA:EPA) 34 Summit Hotel Properties, Inc. (INN:N) 60 Suncor Energy Inc (SU:T) 33 Sunoco L.P. (SUN:N) 30 SunPower Corp. (SPWR:Q) 31 Sunstone Hotel Investors, Inc. (SHO:N) 60 SunTrust Banks, Inc. (STI:N) 40 Superior Energy Services, Inc. (SPN:N) 31 Superior Plus Corporation (SPB:T) 52 SVB Financial Group (SIVB:Q) 40 Swift Energy Company (SFY:N) 28 Swift Transportation Company (SWFT:N) 80 Symantec Corp. (SYMC:Q) 70 Symetra Financial Corp. (SYA:N) 42 Synchronoss Technologies, Inc. (SNCR:Q) 69 SYNNEX Corporation (SNX:N) 71 Synovus Financial Corp. (SNV:N) 40 Tahoe Resources Inc. (THO:T) 57 TAL International Group, Inc. (TAL:N) 79 TalkTalk Telecom Group (TALK.L:L) 77 Talmer Bancorp, Inc. (TLMR:Q) 40 Tangoe Inc. (TNGO:Q) 67 Targa Resources Corp. (TRGP:N) 30 Targa Resources Partners L.P. (NGLS:N) 30 Tarkett (TKTT.PA:EPA) 54 Taseko Mines Ltd. (TKO:T) 56 TCF Financial Corporation (TCB:N) 40 TCP Capital Corp. (TCPC:Q) 43 TD Ameritrade Holding Corporation (AMTD:N) 41 Tech Data Corporation (TECD:Q) 71 Technip (TECF.PA:EPA) 34 Teck Resources Limited (TCK.B:T) 56 Teekay Corporation (TK:N) 30 Teekay LNG Partners L.P. (TGP:N) 30

Teekay Offshore Partners L.P. (TOO:N) 30 Telecom Argentina S.A. (TEO:N) 77 Telecom Italia (TLIT.MI:BIT) 77 TeleCommunication Systems (TSYS:Q) 72 Teledyne Technologies Incorporated (TDY:N) 69 Teleflex, Inc. (TFX:N) 48 Telefonica (TEF.MC:MCE) 77 Telenet Group (TNET.BR:EBR) 77 Telephone and Data Systems, Inc. (TDS:N) 73 TeliaSonera AB (TLSN.ST:STO) 77 Tempur Sealy International, Inc. (TPX:N) 19 Tenaris S.A. (TS:N) 35 Tenet Healthcare Corporation (THC:N) 48 Territorial Bancorp Inc. (TBNK:Q) 40 Tesoro Corp. (TSO:N) 28 Tesoro Logistics L.P. (TLLP:N) 30 TETRA Technologies Inc. (TTI:N) 31 Teva Pharmaceutical Industries, Ltd. (TEVA:N) 49 Texas Capital Bancshares, Inc. (TCBI:Q) 40 Texas Instruments Incorporated (TXN:Q) 66 Texas Roadhouse, Inc. (TXRH:Q) 22 Textainer Group Holdings Limited (TGH:N) 79 TGLT S.A. (TGLT:BA) 64 Thales (TCFP.PA:EPA) 54 THL Credit, Inc. (TCRD:Q) 43 Thoratec Corp. (THOR:Q) 48 Timbercreek Mortgage Investment Corporation (TMC:T) 62 Timbercreek Senior Mortgage Investment Corp. (MTG:T) 62 Time Warner Cable Inc. (TWC:N) 74 T-Mobile US Inc. (TMUS:N) 73 Tod's Group (TOD.MI:BIT) 24 Toll Brothers, Inc. (TOL:N) 59 Torchmark Corporation (TMK:N) 42 The Toro Company (TTC:N) 21 Toromont Industries (TIH:T) 53 Total (TOTF.PA:EPA) 34 Total System Services (TSS:N) 75 Tourmaline Oil Corp. (TOU:T) 32 Towers Watson & Co. (TW:Q) 41 Tractor Supply Co. (TSCO:Q) 20 Transener (TRAN:BA) 35 TransEnterix, Inc. (TRXC:M) 48 TransGlobe Energy Corp. (TGA:Q) 28 Transocean (RIG:N) 30 Transportadora de Gas del Sur (TGS:N) 35 TravelCenters of America LLC (TA:N) 20 The Travelers Companies, Inc. (TRV:N) 42 Tree Island Steel Ltd. (TSL:T) 53 Trevali Mining Corporation (TV:T) 56 Triangle Capital Corporation (TCAP:N) 43 Trican Well Service (TCW:T) 33 TriCo Bancshares (TCBK:Q) 40 Tricon Capital Group Inc. (TCN:T) 63 Trilogy Energy Corp. (TET:T) 32 Trina Solar Limited (TSL:N) 31 Trinidad Drilling Ltd. (TDG:T) 33 Trinity Industries, Inc. (TRN:N) 79 TripAdvisor, Inc. (TRIP:Q) 71 True North Apartment REIT (TN.UN:T) 63 True North Commercial REIT (TNT.UN:T) 62 Trustmark Corporation (TRMK:Q) 40 TubeMogul, Inc. (TUBE:Q) 70

Company Index


Twitter, Inc. (TWTR:N) 71 U.S. Bancorp (USB:N) 40 U.S. Cellular (USM:N) 73 U.S. Ecology, Inc. (ECOL:Q) 51 U.S. Geothermal (HTM:M) 32 Ubiquiti Networks, Inc. (UBNT:Q) 69 UEX Corp. (UEX:T) 58 Ulta Salon, Cosmetics & Fragrance, Inc. (ULTA:Q) 21 Ultimate Software Group Inc. (ULTI:Q) 67 Ultra Petroleum Corporation (UPL:N) 28 UMB Financial Corporation (UMBF:Q) 40 Umpqua Holdings Corp. (UMPQ:Q) 40 Under Armour Inc. (UA:N) 20 Union Bankshares Corporation (UBSH:Q) 40 Union Pacific Corp. (UNP:N) 79 Unisys Corporation (UIS:N) 72 Unit Corporation (UNT:N) 31 United Bankshares, Inc. (UBSI:Q) 40 United Community Banks, Inc. (UCBI:Q) 40 United Continental Holdings, Inc. (UAL:N) 78 United Insurance Holdings Corp. (UIHC:Q) 42 United Parcel Service (UPS:N) 79 UnitedHealth Group (UNH:N) 46 Universal American Corp. (UAM:N) 46 Universal Health Services, Inc. (UHS:N) 48 Unum Group (UNM:N) 42 Upland Software, Inc. (UPLD:Q) 67 Uranium Participation Corporation (U:T) 58 Ur-Energy Inc. (URE:T) 58 UrtheCast Corp. (UR:T) 76 USA Compression Partners L.P. (USAC:N) 30 UTi Worldwide, Inc. (UTIW:Q) 79 Valero Energy Corp. (VLO:N) 28 Vanguard Natural Resources, LLC (VNR:Q) 28 Vantiv, Inc. (VNTV:N) 75 VCA Inc. (WOOF:Q) 46 Veolia Environnement (VIE.PA:EPA) 34 Verbund (VERB.VI:WBAG) 34 Veresen Inc. (VSN:T) 32 VeriFone Systems, Inc. (PAY:N) 75 Verisk Analytics Inc. (VRSK:Q) 41 Verizon Communications (VZ:N) 74 ViaSat, Inc. (VSAT:Q) 72 Vinci (SGEF.PA:EPA) 54 Viper Energy Partners L.P. (VNOM:Q) 28 Virgin America Inc. (VA:Q) 78 Virtus Investment Partners, Inc. (VRTS:Q) 36 Visa, Inc. (V:N) 75 Vishay Intertechnology, Inc. (VSH:N) 66 Vivendi (VIV.PA:EPA) 77 VMware (VMW:N) 70 VOC Energy Trust (VOC:N) 28 Vodafone (VOD.L:L) 77 Voya Financial Inc. (VOYA:N) 42 W&T Offshore, Inc. (WTI:N) 28 W.W. Grainger, Inc. (GWW:N) 51 Wabtec Corporation (WAB:N) 79

Wajax Corp. (WJX:T) 53 Walgreens Boots Alliance Inc. (WBA:Q) 47 Wal-Mart Stores Inc. (WMT:N) 21 Washington Federal, Inc. (WAFD:Q) 40 Washington REIT (WRE:N) 61 Waste Connections, Inc. (WCN:N) 51 Waste Management, Inc. (WM:N) 51 Wayfair, Inc. (W:N) 70 WCI Communities, Inc. (WCIC:N) 59 Weatherford (WFT:N) 30 WebMD Health Corp (WBMD:Q) 47 Webster Financial Corp. (WBS:N) 40 WellCare Health Plans (WCG:N) 46 Wells Fargo & Co. (WFC:N) 40 Werner Enterprises, Inc. (WERN:Q) 80 WesBanco, Inc. (WSBC:Q) 40 WESCO International (WCC:N) 51 West Fraser Timber (WFT:T) 56 Western Energy Services Corp. (WRG:T) 33 Western Forest Products Inc. (WEF:T) 56 Western Refining, Inc. (WNR:N) 28 WesternOne Inc. (WEQ:T) 53 WestJet Airlines (WJA:T) 80 Westport Innovations Inc. (WPRT:Q) 31 Weyerhaeuser Company (WY:N) 62 Whirlpool Corp. (WHR:N) 20 Whistler Blackcomb Holdings Inc. (WB:T) 53 Whitbread (WTB.L:L) 63 Whiting Petroleum Corp. (WLL:N) 28 Whiting USA Trust II (WHZ:N) 28 Whole Foods Market Inc. (WFM:Q) 20 The Williams Companies, Inc. (WMB:N) 30 Williams Partners L.P. (WPZ:N) 30 Williams-Sonoma (WSM:N) 21 Wilshire Bancorp, Inc. (WIBC:Q) 40 Windstream Holdings Inc. (WIN:Q) 74 Winpak Ltd. (WPK:T) 23 Wintrust Financial Corporation (WTFC:Q) 40 Wix.com Ltd. (WIX:Q) 70 Wolseley (WOS.L:L) 54 Workiva Inc. (WK:N) 67 WPX Energy Inc. (WPX:N) 28 WSP Global Inc. (WSP:T) 52 Xilinx, Inc. (XLNX:Q) 73 XPO Logistics, Inc. (XPO:N) 79 Yadkin Financial Corporation (YDKN:N) 40 Yahoo! Inc. (YHOO:Q) 71 Yamana Gold Inc. (AUY:N) 57 Yelp, Inc. (YELP:N) 71 YPF (YPF:N) 35 YRC Worldwide Inc. (YRCW:Q) 80 Zayo Group Holdings, Inc. (ZAYO:N) 74 ZCL Composites (ZCL:T) 53 Zillow Group, Inc. (Z:Q) 71 Zions Bancorporation (ZION:Q) 40 Zodiac Aerospace (ZODC.PA:EPA) 54


Consumer

USA Canada Europe

Entertainment & Leisure ............................................ 19

Cruise Lines .............................................................. 19

Leisure Products ...................................................... 19

Theaters................................................................... 19

Furniture & Furnishings Suppliers .............................. 19

Office Furniture ....................................................... 19

Residential Furniture ............................................... 19

Hardline Retail ............................................................ 20

Automotive Aftermarket Retailers .......................... 20

Consumer Electronics Retailers ............................... 20

Convenience Stores ................................................. 20

Grocery Stores ......................................................... 20

Hardlines ................................................................. 20

Pet Food and Farm Supplies .................................... 20

Sporting Goods ........................................................ 20

Value Retailers ......................................................... 20

Home & Building Products .......................................... 20

Appliances ............................................................... 20

Floor Coverings ........................................................ 20

Hardware, Tools, & Decor ....................................... 21

Outdoor Power Equipment & Services .................... 21

Home & Other Retailers ............................................. 21

Big Box Retailers ...................................................... 21

Furniture & Furnishings ........................................... 21

Household & Personal Care Products ......................... 21

Restaurants ................................................................. 22

Consumer & Retail...................................................... 23

Consumer Goods ......................................................... 23

Beverages ................................................................. 23

Eyecare & Eyewear .................................................. 23

Home & Personal Care ............................................. 24

Luxury Goods ........................................................... 24

Foodservices ............................................................... 24

Retail ........................................................................... 24

Apparel..................................................................... 24

Consumer Electronics .............................................. 24

Food Retail ............................................................... 24

Sporting Goods ........................................................ 24


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Consumer - USA Budd Bugatch, CFA [email protected] Joseph Altobello, CFA [email protected]

Sam Darkatsh [email protected] Joseph D. Hovorka [email protected]

Brian M. Vaccaro, CFA [email protected] Dan Wewer, CFA [email protected]

Benjamin Brownlow [email protected]

Entertainment & Leisure Cruise Lines Carnival Corp. CCL N 2 G 48.85 54.00 54.05 33.11 20.4 1.58 2.40 2.97 Nov 38,103 2.5 JDH Royal Caribbean Cruises Ltd. RCL N 3 G 88.90 NM 92.68 52.32 18.9 3.43 4.70 5.65 Dec 19,647 1.1 JDH Steiner Leisure Limited STNR Q 3 AG 63.82 NM 65.00 35.94 19.5 (11.20) 3.28 3.55 Dec 830 0.0 JDH

Leisure Products Arctic Cat, Inc. ACAT Q 1 AG 25.57 40.00 39.72 24.68 26.1 2.90 0.38 A 0.98 Mar 335 2.0 JDH Brunswick Corp. BC N 2 HR 47.80 59.00 56.63 38.17 16.5 2.58 2.89 3.35 Dec 4,522 1.0 JDH Harley-Davidson, Inc. HOG N 3 G 54.89 NM 70.41 50.64 13.7 3.88 4.00 4.15 Dec 11,472 2.3 JDH Malibu Boats, Inc. MBUU Q 1 AG 17.19 28.00 24.14 14.48 19.8 0.47 0.87 1.40 Jun 390 0.0 JDH Marine Products Corporation MPX N 3 AG 6.83 NM 8.99 5.73 21.3 0.24 0.32 0.37 Dec 253 1.8 JDH MarineMax HZO N 1 HR 15.60 32.00 28.69 14.48 18.8 0.46 0.83 1.00 Sep 395 0.0 JDH MCBC Holdings, Inc. MCFT Q 1 AG 15.29 18.00 16.47 14.14 41.3 1.05 0.37 1.05 Jun 289 0.0 JDH Polaris Industries PII N 1 G 126.75 170.00 159.33 119.96 17.2 6.65 7.35 8.40 Dec 8,568 1.7 JDH

Theaters Carmike Cinemas, Inc. CKEC Q 3 HR 22.53 NM 34.94 18.93 NM (0.38) 0.08 0.87 Dec 561 0.0 JDH Cinemark Holdings, Inc. CNK N 1 TR 35.44 47.00 45.68 29.42 17.6 1.68 2.01 2.30 Dec 4,086 2.8 JDH Regal Entertainment Group RGC N 1 TR 19.02 25.00 24.52 17.62 16.8 0.68 1.13 1.28 Dec 2,975 4.6 JDH

Furniture & Furnishings Suppliers Office Furniture Herman Miller MLHR Q 2 AG 26.81 33.00 32.35 26.28 14.2 1.68 1.82 A 1.89 May 1,601 2.2 BB HNI Corporation HNI N 2 G 45.38 55.00 57.74 34.75 17.5 1.97 2.60 3.06 Dec 2,015 2.3 BB Knoll, Inc. KNL N 2 AG 23.21 27.00 26.06 16.52 15.9 1.09 1.46 1.58 Dec 1,109 2.1 BB Steelcase, Inc. SCS N 1 G 17.08 23.00 20.45 15.13 15.7 0.82 0.89 A 1.09 Feb 2,152 2.6 BB

Residential Furniture Culp, Inc. CFI N 3 AG 31.40 NM 33.64 16.60 19.1 1.31 1.55 A 1.64 Apr 383 0.8 BB Ethan Allen Interiors ETH N 1 AG 29.99 34.00 32.63 22.58 16.8 1.45 1.41 A 1.78 Jun 852 1.9 BB La-Z-Boy Inc. LZB N 1 AG 27.32 32.00 29.00 19.03 16.9 1.12 1.26 A 1.62 Apr 1,382 1.2 BB Leggett & Platt LEG N 3 TR 43.66 NM 51.28 32.64 20.9 1.78 2.09 2.32 Dec 5,973 2.9 BB Select Comfort Corp. SCSS Q 1 AG 23.72 39.50 35.75 19.70 15.3 1.21 1.55 1.85 Dec 1,219 0.0 BB Stanley Furniture STLY Q S HR 2.83 NM 3.64 2.52 NM UR UR NA Dec 40 0.0 BB Tempur Sealy International, Inc. TPX N 3 AG 72.90 NM 78.79 48.12 23.3 2.65 3.13 3.54 Dec 4,469 0.0 BB


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Consumer - USA Hardline Retail Automotive Aftermarket Retailers Advance Auto Parts, Inc. AAP N 1 AG 171.46 220.00 192.27 128.20 20.6 7.78 8.34 9.71 Dec 12,551 0.1 DW AutoZone, Inc. AZO N 1 AG 706.25 795.00 754.90 491.93 19.6 31.57 35.97 40.81 Aug 23,942 0.0 DW O`Reilly Automotive, Inc. ORLY Q 1 AG 239.03 280.00 258.15 146.22 27.0 7.34 8.86 10.13 Dec 25,983 0.0 DW

Consumer Electronics Retailers Best Buy Company, Incorporated BBY N 1 G 35.25 40.00 42.00 28.32 13.2 2.07 2.60 A 2.68 Jan 12,415 2.6 DW Skullcandy, Inc. SKUL Q 3 HR 6.84 NM 11.83 6.32 18.0 0.26 0.38 0.49 Dec 193 0.0 DW

Convenience Stores Casey's General Stores, Inc. CASY Q 2 AG 105.91 99.00 109.24 67.78 24.9 3.26 4.62 A 4.26 Apr 4,118 0.8 BBL,DW Core-Mark Holding Company, Inc. CORE Q 2 G 59.56 68.00 71.51 47.93 24.3 2.05 2.45 2.80 Dec 1,376 0.9 BBL,DW CST Brands, Inc. CST N 3 AG 34.53 NM 45.25 32.61 23.0 2.50 1.50 1.87 Dec 2,642 0.7 BBL,DW Murphy USA Inc. MUSA N 3 AG 49.44 NM 73.97 47.73 16.9 4.66 2.92 3.38 Dec 2,118 0.0 BBL,DW TravelCenters of America LLC TA N 3 HR 11.84 NM 18.10 8.37 10.5 1.66 1.13 0.94 Dec 455 0.0 BBL,DW

Grocery Stores The Fresh Market, Inc. (f) TFM Q 2 AG 19.91 32.00 42.12 18.70 12.1 1.62 1.65 1.78 Jan 966 0.0 BBL,DW Whole Foods Market Inc. WFM Q 3 G 32.40 NM 57.57 30.18 19.4 1.56 1.67 1.86 Sep 11,619 1.6 BBL,DW

Hardlines The Michaels Companies, Inc. (f) MIK Q 2 AG 23.92 31.00 30.00 15.94 14.2 1.48 1.68 1.87 Jan 4,963 0.0 DW

Pet Food and Farm Supplies Tractor Supply Co. TSCO Q 1 AG 85.04 110.00 96.28 55.95 27.5 2.66 3.09 3.60 Dec 12,050 0.9 DW

Sporting Goods Cabela’s Inc. CAB N 2 AG 42.56 56.00 63.10 39.52 13.7 2.88 3.11 3.60 Dec 3,052 0.0 DW Callaway Golf Co. ELY N 3 HR 8.50 NM 10.20 6.79 85.0 0.20 0.10 0.23 Dec 649 0.5 DW Dick`s Sporting Goods Inc. (f) DKS N 3 AG 47.70 NM 60.33 41.56 14.7 2.87 3.24 3.61 Jan 5,972 1.2 DW Hibbett Sports, Inc. (f) HIBB Q 3 AG 38.13 NM 55.74 33.01 13.2 2.87 2.89 3.15 Jan 995 0.0 DW Under Armour Inc. UA N 3 AG 90.76 NM 101.82 60.00 85.6 0.95 1.06 1.43 Dec 19,686 0.0 DW

Value Retailers Big Lots Inc. (f) BIG N 3 HR 40.99 NM 51.75 38.15 14.2 2.46 2.89 3.34 Jan 2,283 1.9 DW Dollar General Corp. (f) DG N 1 AG 76.71 90.00 81.42 57.09 19.3 3.50 3.98 4.53 Jan 23,803 1.1 DW Dollar Tree, Inc. (f) DLTR Q 1 AG 77.34 93.00 84.22 53.17 23.4 3.12 3.31 4.19 Jan 16,064 0.0 DW

Home & Building Products Appliances Whirlpool Corp. WHR N 3 TR 168.09 NM 217.11 139.85 14.0 11.39 12.00 15.70 Dec 13,447 2.1 SD,BB

Floor Coverings The Dixie Group DXYN Q 2 HR 10.10 11.00 11.50 6.00 37.4 0.01 0.27 0.68 Dec 156 0.0 SD,BB Interface, Inc. TILE Q 3 AG 23.71 NM 27.17 12.98 20.6 0.62 1.15 1.34 Dec 1,565 0.8 SD,BB Mohawk Industries MHK N 1 AG 192.81 250.00 212.16 120.37 18.1 8.15 10.65 12.25 Dec 14,229 0.0 SD,BB


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Consumer - USA Hardware, Tools, & Decor Masco Corporation MAS N 2 HR 25.75 28.00 28.59 17.44 22.8 0.90 1.13 1.48 Dec 8,858 1.4 SD,BB PGT, Inc. PGTI Q 1 HR 12.46 17.50 16.28 8.25 19.5 0.43 0.64 0.81 Dec 626 0.0 SD,BB Stanley Black & Decker SWK N 3 TR 97.84 NM 111.18 79.03 16.9 5.37 5.78 6.60 Dec 14,940 2.2 SD,BB

Outdoor Power Equipment & Services Briggs & Stratton BGG N 3 TR 19.53 NM 21.09 17.14 14.8 0.82 1.42 A 1.32 Jun 855 2.8 SD,BB The Toro Company TTC N 3 AG 68.76 NM 74.12 55.77 19.5 3.02 3.52 3.96 Oct 3,892 1.5 SD,BB

Home & Other Retailers Big Box Retailers Costco Wholesale Corporation COST Q 3 G 138.16 NM 156.85 117.03 26.8 4.65 5.16 5.59 Aug 60,756 1.2 BB The Home Depot Inc. (f) HD N 3 G 115.93 NM 123.80 86.35 22.0 4.58 5.28 6.05 Jan 150,593 2.0 BB Lowe`s Companies, Inc. (f) LOW N 3 G 68.75 NM 76.25 49.85 20.9 2.68 3.29 3.86 Jan 63,800 1.6 BB Lumber Liquidators Holdings, Inc. LL N 3 HR 14.93 NM 69.99 11.62 NM 2.31 (0.56) 0.32 Dec 404 0.0 BB Wal-Mart Stores Inc. WMT N 1 G 64.83 84.00 90.97 61.50 14.7 5.11 5.07 A 4.41 Jan 210,049 3.0 BB

Furniture & Furnishings Aaron's Inc. AAN N 2 G 37.42 39.00 39.69 23.25 15.9 1.69 2.35 2.52 Dec 2,720 0.2 BB Bed Bath & Beyond (f) BBBY Q 1 G 61.21 85.00 79.64 58.81 11.7 5.03 5.25 5.78 Feb 10,661 0.0 BB Haverty Furniture Companies Inc. HVT N 2 AG 23.04 25.00 26.00 19.54 17.6 1.28 1.31 1.54 Dec 522 1.7 BB Mattress Firm Holding Corp. (f) MFRM Q 2 AG 59.11 73.00 71.82 54.53 23.5 2.03 2.52 3.20 Jan 2,080 0.0 BB Pier 1 Imports Incorporated PIR N 1 AG 10.10 17.00 17.52 8.84 11.9 1.01 0.84 A 0.85 Feb 908 2.8 BB Rent-A-Center Inc. RCII Q 2 AG 25.82 34.00 37.49 24.63 11.7 1.95 2.20 2.61 Dec 1,370 3.7 BB Restoration Hardware Holdings, Inc. RH N 2 AG 93.77 105.00 105.98 69.80 30.2 2.36 3.11 3.98 Jan 3,746 0.0 BB Williams-Sonoma (f) WSM N 3 G 83.12 NM 89.38 62.35 24.3 3.20 3.42 4.01 Jan 7,556 1.7 BB

Household & Personal Care Products Black Diamond Inc. BDE Q 3 AG 7.16 NM 10.75 6.25 NM (0.28) (0.17) 0.03 Dec 235 0.0 JA Church & Dwight Co., Inc. CHD N 3 G 84.99 NM 90.73 67.04 26.0 3.01 3.27 3.60 Dec 11,117 1.6 JA The Clorox Company CLX N 3 TR 110.07 NM 119.75 88.18 22.9 4.39 4.57 A 4.80 Jun 14,421 2.8 JA Colgate-Palmolive Company CL N 3 G 62.23 NM 71.56 50.84 21.9 2.93 2.84 3.06 Dec 56,015 2.4 JA Elizabeth Arden Inc. RDEN Q 4 NM 10.50 NM 21.67 9.10 NM (0.55) (2.58) A (0.95) Jun 313 0.0 JA Estee Lauder Companies EL N 2 G 78.40 91.00 91.68 70.18 24.7 3.16 2.83 A 3.17 Jun 29,391 1.2 JA Inter Parfums, Inc. IPAR Q 3 G 26.02 NM 35.22 22.33 26.6 0.95 0.98 1.20 Dec 807 2.0 JA Jarden Corp. JAH N 1 AG 50.39 65.00 57.09 36.27 18.2 2.70 2.77 3.12 Dec 9,705 0.0 JA Newell Rubbermaid Inc. NWL N 2 G 40.98 47.00 44.51 31.14 18.8 2.00 2.18 2.40 Dec 11,175 1.9 JA Prestige Brands Holdings Inc. PBH N 3 AG 45.78 NM 51.74 30.02 21.8 1.53 1.86 A 2.10 Mar 2,394 0.0 JA The Procter & Gamble Company PG N 3 G 70.90 NM 93.89 65.02 18.7 4.09 4.02 A 3.80 Jun 192,458 3.7 JA Sally Beauty Holdings Inc. SBH N 2 AG 26.20 31.00 35.27 24.63 16.9 1.53 1.55 1.70 Sep 4,113 0.0 JA The Scotts Miracle-Gro Company SMG N 3 AG 61.84 NM 69.27 53.23 17.7 3.29 3.50 3.90 Sep 3,772 3.0 JA Ulta Salon, Cosmetics & Fragrance, Inc. ULTA Q 2 AG 158.05 175.00 176.77 95.83 34.0 3.98 4.65 5.55 Jan 10,144 0.0 JA


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Consumer - USA Restaurants Bloomin' Brands, Inc. BLMN Q 1 AG 19.57 27.50 26.25 16.15 15.4 1.10 1.27 1.50 Dec 2,472 1.2 BV Brinker International EAT N 2 G 53.83 64.00 63.40 48.42 14.9 2.71 3.09 A 3.62 Jun 3,354 2.1 BV Buffalo Wild Wings, Inc. BWLD Q 2 AG 193.09 205.00 199.79 122.15 35.0 4.95 5.52 7.00 Dec 3,688 0.0 BV Carrols Restaurant Group, Inc. TAST Q 1 HR 12.23 14.50 13.25 6.87 NM (0.44) (0.02) 0.15 Dec 542 0.0 BV Cheesecake Factory Inc. CAKE Q 3 G 53.84 NM 58.86 42.00 22.9 1.97 2.35 2.65 Dec 2,708 1.5 BV Chipotle Mexican Grill, Inc. CMG N 3 AG 707.64 NM 758.61 597.33 41.0 14.13 17.25 20.05 Dec 22,291 0.0 BV Chuy's Holdings, Inc. CHUY Q 2 AG 30.91 35.00 35.76 18.40 36.8 0.69 0.84 0.98 Dec 516 0.0 BV Darden Restaurants DRI N 2 G 68.16 77.00 75.60 46.70 21.6 1.71 2.63 A 3.15 May 8,752 3.2 BV Dave & Buster’s Entertainment, Inc. PLAY Q 2 AG 33.46 43.00 40.14 15.89 31.0 0.76 1.08 1.37 Jan 1,432 0.0 BV Del Frisco’s Restaurant Group, Inc. DFRG Q 2 AG 14.38 20.00 25.95 13.78 16.5 0.82 0.87 1.00 Dec 339 0.0 BV DineEquity, Inc. DIN N 1 G 96.57 120.00 114.23 77.08 16.2 4.72 5.95 6.40 Dec 1,825 3.6 BV Fiesta Restaurant Group, Inc. FRGI Q 2 AG 51.26 64.00 69.00 45.83 31.4 1.35 1.63 1.85 Dec 1,360 0.0 BV The Habit Restaurants, Inc. HABT Q 2 AG 23.95 33.00 44.20 21.50 88.7 0.16 0.27 0.32 Dec 623 0.0 BV Kona Grill, Inc. KONA Q 2 HR 18.46 28.00 28.66 17.00 NM 0.07 (0.25) (0.15) Dec 208 0.0 BV McDonald's Corporation MCD N 3 G 95.15 NM 101.88 87.50 20.0 5.08 4.75 5.15 Dec 91,116 3.6 BV Panera Bread Co. PNRA Q 3 G 177.20 NM 208.00 147.84 28.6 6.69 6.20 6.75 Dec 4,714 0.0 BV Papa Murphy's Holdings, Inc. FRSH Q 2 AG 14.11 22.00 22.72 8.35 29.4 0.43 0.48 0.60 Dec 240 0.0 BV Red Robin Gourmet Burgers, Inc. RRGB Q 1 AG 79.06 100.00 95.00 47.45 24.7 2.66 3.20 3.65 Dec 1,130 0.0 BV Ruth`s Hospitality Group, Inc. RUTH Q 2 G 16.20 19.50 17.82 10.54 19.1 0.74 0.85 0.95 Dec 561 1.5 BV Texas Roadhouse, Inc. TXRH Q 2 AG 36.34 42.00 40.82 26.35 26.0 1.23 1.40 1.70 Dec 2,566 1.8 BV


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Consumer - CAN Kenric S. Tyghe, MBA [email protected]

Consumer & Retail AIMIA (ae) AIM T 2 G C$11.19 18.00 17.71 10.11 NM 315 233 271 Dec 1,835 7.2 KT Canadian Tire Corporation CTC.A T 2 G C$122.75 155.00 137.48 109.05 15.7 7.94 7.81 8.71 Dec 9,452 1.7 KT Cineplex Inc. CGX T 2 TR C$47.93 55.00 51.01 40.09 29.0 1.21 1.65 2.03 Dec 3,020 3.3 KT Dollarama DOL T 2 AG C$76.17 78.00 81.68 46.11 28.6 1.74 2.19 A 2.66 Jan 9,978 0.5 KT Empire Company Limited EMP.A T 2 G C$89.00 99.00 95.93 73.40 13.8 4.84 5.62 A 6.45 Apr 8,233 1.3 KT Gildan Activewear GIL N 1 G US$30.39 38.00 35.15 24.99 19.9 1.14 1.53 1.98 Dec 7,415 0.9 KT Glacier Media Inc. GVC T 3 HR C$0.79 1.25 1.69 0.71 6.6 0.20 0.12 0.06 Dec 70 10.1 KT Great Canadian Gaming GC T 2 AG C$18.37 25.00 24.81 16.02 16.3 1.08 1.13 1.24 Dec 1,312 0.0 KT Loblaw Companies Ltd. L T 2 G C$71.57 75.00 74.45 53.07 19.9 3.10 3.59 4.08 Dec 29,823 1.4 KT Metro, Inc. MRU T 2 G C$35.44 41.00 38.10 23.42 17.5 1.71 2.02 2.26 Sep 8,864 1.6 KT Sleep Country Canada Holdings Inc. ZZZ T 3 TR C$15.02 16.00 17.20 14.32 16.3 0.58 0.92 0.99 Dec 571 2.9 KT Winpak Ltd. WPK T 2 G C$40.00 45.00 45.40 25.25 24.4 1.21 1.64 1.83 Dec 2,600 0.3 KT

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Consumer - EUR Hermine de Bentzmann, RJEE [email protected] Cedric Lecasble, RJEE [email protected]

Julien Richer, RJEE [email protected]

Consumer Goods Beverages Campari CPR.MI BIT 4 €6.60 6.00 7.57 4.89 22.0 0.27 0.30 0.33 Dec 3,835 1.4 HB Diageo DGE.L L 3 1,659p NM 2,055 1,593 18.5 95.50 88.80 A 89.70 Jun £41,711 3.6 HB Pernod Ricard PERP.PA EPA 2 €93.81 128.00 117.75 82.23 18.3 4.46 5.14 5.81 Jun 24,899 1.9 HB Remy Cointreau RCOP.PA EPA 3 €52.80 NM 75.00 50.29 24.4 1.63 1.95 A 2.16 Mar 2,572 3.3 HB

Eyecare & Eyewear Essilor ESSI.PA EPA 2 €103.10 121.00 121.10 75.85 26.9 2.99 3.83 4.38 Dec 21,703 1.3 CL Luxottica LUX.MI BIT 3 €60.25 NM 67.80 34.74 31.9 1.42 1.89 2.13 Dec 28,848 1.6 CL


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Consumer - EUR Home & Personal Care Beiersdorf BEIG.DE ETR 4 €71.21 69.00 84.28 60.78 25.1 2.53 2.84 3.00 Dec 17,945 1.0 HB BIC BB.FP EPA 3 €140.70 NM 162.20 94.76 21.1 5.58 6.66 7.04 Dec 6,740 2.2 HB Henkel HNKG_p.DE ETR 2 €92.86 115.00 115.70 72.16 18.9 4.38 4.92 5.34 Dec 37,162 1.6 HB L'Oréal OREP.PA EPA 2 €148.45 191.00 181.30 117.05 23.5 5.34 6.33 6.77 Dec 83,090 2.1 HB RB RB.L L 3 5,529p NM 6,300 4,784 23.3 268.00 237.00 250.00 Dec £39,379 2.3 HB

Luxury Goods Christian Dior DIOR.PA EPA 2 €162.20 199.00 195.35 112.35 15.4 7.90 8.17 A 10.51 Jun 29,472 3.1 HB Hermes International HRMS.PA EPA S €312.65 NM 365.55 229.00 35.9 8.72 E 9.74 NA Dec 33,006 1.0 HB Kering KER.PA EPA 4 €151.25 148.00 198.50 140.05 16.6 9.35 9.10 10.19 Dec 19,098 2.9 HB LVMH LVMH.PA EPA 2 €145.85 190.00 176.60 109.41 18.2 6.14 8.00 8.80 Dec 74,083 2.3 HB Salvatore Ferragamo SFER.MI BIT 1 €24.98 33.00 32.55 17.61 23.6 0.93 1.06 1.28 Dec 4,216 1.9 HB Tod's Group TOD.MI BIT 4 €80.20 72.00 98.00 64.20 24.3 3.17 3.30 3.70 Dec 2,455 2.5 HB

Foodservices Compass Group CPG.L L 3 1,002p NM 1,223 924 18.5 48.80 54.10 58.65 Sep £16,533 2.7 JR Edenred EDEN.PA EPA 4 €18.24 23.00 27.15 17.60 17.7 0.73 1.03 1.21 Dec 4,173 4.8 JR Sodexo EXHO.PA EPA 4 €77.41 83.00 95.76 69.49 20.8 3.23 3.72 4.30 Aug 12,161 2.7 JR

Retail Apparel H&M HMb.ST STO 4 SEK322.70 270.00 368.50 269.60 24.1 12.07 13.39 14.61 Nov 534,101 3.1 CL Inditex ITX.MC MAD 3 €28.71 NM 32.54 19.29 30.5 0.80 0.94 1.05 Jan 89,465 2.1 CL

Consumer Electronics Fnac FNAC.PA EPA 2 €47.72 65.00 64.00 25.47 14.3 2.97 3.34 3.45 Dec 792 0.0 CL

Food Retail Ahold AHLN.AS AMS 3 €16.98 NM 19.90 11.57 17.3 0.88 0.98 1.09 Dec 15,180 2.9 CL Carrefour CARR.PA EPA 2 €28.56 34.00 33.25 21.42 17.4 1.47 1.64 1.93 Dec 21,087 2.7 CL Casino CASP.PA EPA 4 €56.88 63.00 92.51 55.70 13.9 4.91 4.10 4.56 Dec 6,438 5.5 CL Colruyt COLR.BR EBR 4 €41.82 38.00 45.64 32.12 16.7 2.42 2.51 2.59 Mar 6,551 2.7 CL Delhaize DELB.BR EBR 3 €76.88 NM 89.98 48.05 16.0 0.87 4.81 5.15 Dec 7,959 1.7 CL Dia DIDA.MC MAD 1 €5.27 8.20 7.70 4.48 12.5 0.42 0.42 0.50 Dec 3,428 3.4 CL Jeronimo Martins JMT.LS ELI 3 €12.41 NM 13.86 6.94 23.4 0.48 0.53 0.59 Dec 7,806 2.1 CL Metro MEOG.DE ETR 2 €25.69 36.00 34.81 22.13 14.8 1.84 1.74 1.85 Sep 8,394 3.5 CL Rallye GENC.PA EPA 4 €22.38 31.00 37.54 21.53 1.6 (0.66) 14.13 7.94 Dec 1,090 8.2 CL

Sporting Goods Adidas ADSGn.DE ETR 4 €65.04 65.00 78.05 52.94 19.2 3.05 3.38 3.55 Dec 13,608 2.3 CL Puma PUMG.DE ETR 3 €169.50 NM 201.50 140.95 65.4 4.29 2.59 4.18 Dec 2,556 0.3 CL


Energy

USA Canada Europe

Exploration and Production ........................................ 26

Integrated Majors and Refiners .................................. 28

Independent Refiners .............................................. 28

Integrated Oil and Gas ............................................. 28

Midstream Suppliers................................................... 29

Oilfield Services .......................................................... 30

Compression ............................................................ 30

Diversified Oilfield Services ..................................... 30

Manufacturing & Fabrication .................................. 30

Offshore Construction ............................................. 30

Offshore Drillers ...................................................... 30

Onshore Drillers....................................................... 31

Production/Workover/Miscellaneous ..................... 31

Renewable Energy and Clean Technology .................. 31

Fuels and Chemicals ................................................ 31

Power ...................................................................... 31

Alternative Energy & Clean Tech ................................ 32

Energy Infrastructure ................................................. 32

Midstream ............................................................... 32

Intermediate Oil & Gas Producers .............................. 32

Junior Oil & Gas Producers ......................................... 32

Oil & Gas Energy Services ........................................... 33

Contract Drillers ...................................................... 33

Facilities & Infrastructure ........................................ 33

Pressure Pumpers ................................................... 33

Well Site & Other Services ...................................... 33

Oil Sands ..................................................................... 33

Senior Oil & Gas Producers ........................................ 33


Oilfield Services ........................................................... 34

Diversified Oilfield Services ...................................... 34

Seismic ..................................................................... 34

Utilities ........................................................................ 34

Electricity & Gas ....................................................... 34

Environmental Services ............................................ 34

Latin America

Electric Utilities ........................................................... 35

Exploration and Production ........................................ 35

Gas Utility .................................................................... 35


Integrated Majors .................................................... 35

Oilfield Services ........................................................... 35

Manufacturing & Fabrication ................................... 35


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Energy - USA J. Marshall Adkins [email protected] Andrew Coleman [email protected]

John Freeman, CFA [email protected] Darren Horowitz [email protected]

Pavel Molchanov [email protected] Kevin Smith [email protected]

Benjamin Brownlow [email protected] Justin Jenkins [email protected]

Praveen Narra [email protected]

Exploration and Production Anadarko Petroleum Corp. APC N 2 HR 65.16 94.00 112.99 58.10 NM 4.13 (2.16) (1.54) Dec 33,101 1.7 AC Antero Resources Corporation AR N 2 HR 22.85 40.00 58.63 21.54 57.1 1.20 0.40 0.28 Dec 6,330 0.0 JF Apache Corporation APA N 2 HR 39.53 63.00 102.29 38.40 NM 5.60 (0.72) 1.70 Dec 14,942 2.5 JF Atlas Resource Partners L.P. ARP N 4 NM 3.20 NM 20.16 2.23 NM (0.71) (0.30) (0.27) Dec 311 40.6 KS Bill Barrett Corp. BBG N 4 NM 3.82 NM 24.59 3.52 NM (0.52) (0.39) (1.21) Dec 191 0.0 JF Black Stone Minerals L.P. (cu) BSM N 2 HR 14.38 16.00 19.46 13.27 20.8 NA 0.69 1.13 Dec 2,750 7.3 KS Bonanza Creek Energy, Inc. BCEI N 2 HR 5.25 15.00 61.90 4.86 NM 1.64 (0.74) (1.57) Dec 261 0.0 AC BreitBurn Energy Partners L.P. BBEP Q 4 NM 2.50 NM 23.06 2.02 NM (0.96) (0.94) (0.60) Dec 529 20.0 KS Cabot Oil & Gas Corp. COG N 3 HR 21.67 NM 35.64 20.94 NM 0.96 0.18 0.08 Dec 8,967 0.4 AC California Resources Corporation CRC N 3 HR 2.80 NM 9.87 2.67 NM 1.70 (0.82) (0.55) Dec 1,072 1.4 PM Chesapeake Energy Corp. CHK N 3 HR 6.34 NM 27.24 6.01 NM 1.88 (0.82) (0.38) Dec 4,206 5.5 JF Chesapeake Granite Wash Trust (cu) CHKR N 4 NM 4.89 NM 11.09 4.28 3.6 2.18 1.35 0.74 Dec 229 29.4 KS Cimarex Energy Co. XEC N 3 HR 101.01 NM 145.26 91.74 NM 5.76 (0.35) 1.10 Dec 9,541 0.6 AC Clayton Williams Energy, Inc. CWEI N 3 HR 39.86 NM 118.91 33.06 NM 4.03 (5.09) (3.43) Dec 485 0.0 AC Comstock Resources CRK N 4 NM 1.96 NM 25.32 0.99 NM (0.04) (4.84) (5.14) Dec 94 0.0 JF Concho Resources Inc. CXO N 2 HR 95.09 145.00 143.10 77.22 98.0 4.06 0.97 0.52 Dec 11,439 0.0 JF ConocoPhillips COP N 3 TR 43.41 NM 81.47 41.10 NM 5.31 (0.08) 1.25 Dec 53,872 6.8 PM CONSOL Energy Inc. CNX N 3 HR 12.18 NM 42.26 11.46 NM 0.87 (0.29) (0.69) Dec 2,789 0.3 AC Continental Resources Inc. CLR N 2 HR 27.10 40.00 80.91 22.56 NM 3.43 0.05 0.68 Dec 10,110 0.0 AC Denbury Resources Inc. DNR N 4 NM 3.43 NM 17.24 3.04 11.8 1.04 0.29 (0.08) Dec 1,219 7.3 AC Devon Energy Corporation DVN N 2 HR 38.45 67.00 75.45 36.63 16.5 4.91 2.33 0.52 Dec 15,803 2.5 AC Diamondback Energy, Inc. FANG Q 2 HR 62.09 86.00 86.82 51.69 45.0 2.31 1.38 0.83 Dec 3,954 0.0 JF Eagle Rock Energy Partners L.P. EROC Q 3 HR 1.25 NM 4.61 0.94 NM 0.21 (0.23) (0.36) Dec 187 22.4 KS,DH ECA Marcellus Trust I (cu) ECT N 3 HR 1.90 NM 6.81 1.63 7.6 1.00 0.25 0.34 Dec 33 12.6 KS Energen Corp. EGN N 2 HR 44.76 70.00 80.62 43.75 47.1 2.71 0.95 (0.23) Dec 3,525 0.2 JF Energy XXI Limited EXXI Q 3 HR 1.46 NM 16.50 1.20 NM 0.67 (2.95) (4.83) Jun 138 0.0 AC EOG Resources, Inc. EOG N 2 HR 70.99 88.00 109.98 68.15 NM 4.95 (0.14) (0.16) Dec 38,984 0.9 AC EV Energy Partners L.P. EVEP Q 3 HR 7.07 NM 41.97 6.03 19.6 2.37 0.36 (0.75) Dec 346 28.3 KS Goodrich Petroleum Corp. GDP N 3 HR 0.60 NM 22.61 0.56 NM (1.99) (1.23) (1.76) Dec 34 0.0 JF


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Energy - USA Exploration and Production Halcón Resources Corp. HK N 4 NM 0.92 NM 5.92 0.74 10.2 0.14 0.09 (0.04) Dec 543 0.0 AC Hess Corp. HES N 2 AG 51.22 82.00 101.96 49.86 NM 4.25 (3.63) (3.19) Dec 14,562 2.0 PM InterOil Corp. IOC N 2 HR 34.30 75.00 62.42 30.88 NM (2.31) (1.94) (1.71) Dec 1,698 0.0 PM Kosmos Energy Ltd. KOS N 3 HR 6.22 NM 10.47 5.63 NM 0.27 (0.27) (0.12) Dec 2,377 0.0 PM Laredo Petroleum Inc. LPI N 2 HR 9.28 11.00 24.54 6.35 44.2 0.96 0.21 (0.01) Dec 1,985 0.0 JF Legacy Reserves L.P. LGCY Q 3 TR 5.27 NM 31.01 4.13 NM 0.29 (0.43) (0.63) Dec 363 26.6 KS LINN Energy, LLC LINE Q 3 HR 2.11 NM 31.80 2.01 2.6 2.25 0.80 0.57 Dec 749 59.2 KS LinnCo, LLC LNCO Q 3 HR 1.95 NM 31.57 1.88 2.4 2.25 0.80 0.57 Dec 657 64.1 KS LRR Energy L.P. LRE N 3 TR 3.95 NM 19.95 3.01 NM 1.11 (1.16) 0.39 Dec 103 19.0 KS Marathon Oil Corp. MRO N 2 TR 14.65 27.00 41.92 14.03 NM 2.53 (1.18) (0.72) Dec 9,918 5.7 PM Memorial Production Partners L.P. MEMP Q 3 HR 6.13 NM 23.84 5.00 12.0 0.67 0.51 0.39 Dec 508 35.9 KS Memorial Resource Development Corp MRD Q 2 HR 17.81 25.00 30.32 14.61 43.4 0.48 0.41 0.46 Dec 3,411 0.0 JF Mid-Con Energy Partners L.P. MCEP Q 4 NM 2.07 NM 22.96 1.99 7.1 1.06 0.29 0.24 Dec 37 24.2 KS Murphy Oil Corp. MUR N 4 NM 27.65 NM 62.53 26.86 NM 3.40 (2.96) (1.85) Dec 4,825 5.1 PM MV Oil Trust (cu) MVO N 3 TR 6.01 NM 27.87 5.34 5.7 3.25 1.06 1.52 Dec 69 13.3 KS National Fuel Gas Company NFG N 3 G 52.58 NM 77.05 50.82 17.6 3.44 2.99 3.20 Sep 4,445 3.0 KS,DH Newfield Exploration Company NFX N 3 HR 28.06 NM 44.87 22.31 27.0 1.76 1.04 0.98 Dec 4,573 0.0 AC Noble Energy, Inc. NBL N 3 HR 31.75 NM 72.16 29.17 NM 2.41 0.10 0.13 Dec 12,383 2.3 JF Northern Oil & Gas Inc. NOG M 3 HR 4.80 NM 17.00 4.16 7.1 0.94 0.68 (0.07) Dec 296 0.0 JF Oasis Petroleum Inc. OAS N 2 HR 8.30 14.00 49.64 8.04 10.9 2.22 0.76 (0.45) Dec 1,155 0.0 AC Occidental Petroleum Corp. OXY N 1 TR 67.15 80.00 100.26 64.83 NM 5.86 0.64 1.47 Dec 51,477 4.5 PM Parsley Energy, Inc. PE N 2 HR 14.39 21.00 22.41 11.11 NM 0.33 (0.23) 0.01 Dec 2,020 0.0 JF PetroQuest Energy PQ N 2 HR 1.11 2.50 6.69 1.05 NM 0.41 (0.89) (0.66) Dec 72 0.0 AC Pioneer Natural Resources Company PXD N 2 HR 108.86 166.00 209.83 105.83 NM 5.00 0.13 1.82 Dec 16,220 0.1 JF QEP Resources, Inc. QEP N 2 HR 11.56 20.00 35.91 11.20 NM 1.39 0.02 (0.34) Dec 2,041 0.7 AC Questar Corp. STR N 3 TR 18.69 NM 26.44 18.29 15.1 1.29 1.24 1.37 Dec 3,285 4.5 KS,DH Range Resources Corp. RRC N 2 HR 34.81 58.00 79.02 32.82 NM 1.58 0.30 0.54 Dec 5,893 0.5 AC Resolute Energy Corp. REN N 4 NM 0.40 NM 8.05 0.25 NM (0.32) (2.24) 0.07 Dec 31 0.0 JF RSP Permian Inc. RSPP N 2 HR 20.25 32.00 31.15 19.36 36.8 0.90 0.55 0.34 Dec 1,701 0.0 JF SandRidge Energy Inc. SD N 4 NM 0.45 NM 5.36 0.40 NM 0.25 (0.35) (0.85) Dec 235 0.0 JF SandRidge Mississippian Trust I (cu) SDT N 3 TR 2.61 NM 5.43 2.05 2.1 1.34 1.24 0.38 Dec 73 46.0 KS SandRidge Mississippian Trust II (cu) SDR N 3 TR 2.50 NM 6.75 2.00 2.9 1.82 0.87 0.54 Dec 124 40.0 KS SandRidge Permian Trust (cu) PER N 3 HR 4.33 NM 11.77 3.99 2.7 2.55 1.62 0.89 Dec 227 39.0 KS SM Energy Company SM N 2 HR 28.70 50.00 90.38 18.21 29.3 5.64 0.98 1.17 Dec 1,940 0.3 AC


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Energy - USA Exploration and Production Southwestern Energy Company SWN N 3 HR 15.08 NM 41.23 14.68 NM 2.28 0.13 1.09 Dec 5,798 0.0 AC Stone Energy Corp. SGY N 3 HR 4.07 NM 35.42 3.74 NM 0.67 (0.47) (0.82) Dec 225 0.0 JF Swift Energy Company SFY N 4 NM 0.49 NM 11.41 0.39 NM 0.10 (3.01) (2.67) Dec 22 0.0 AC TransGlobe Energy Corp. TGA Q 2 HR 2.86 5.00 6.92 2.46 NM 0.71 (0.21) (0.05) Dec 212 7.0 PM Ultra Petroleum Corporation UPL N 3 HR 6.88 NM 26.84 6.10 12.1 2.55 0.57 1.00 Dec 1,066 0.0 AC Vanguard Natural Resources, LLC VNR Q 2 HR 8.10 15.00 30.12 5.50 NM 1.10 0.06 0.14 Dec 700 17.4 KS Viper Energy Partners L.P. (cu) VNOM Q 3 TR 15.48 NM 32.38 13.40 18.9 0.50 0.82 0.97 Dec 1,234 4.8 KS VOC Energy Trust (cu) VOC N 3 TR 3.72 NM 15.25 3.43 6.2 1.38 0.60 0.40 Dec 63 11.8 KS W&T Offshore, Inc. WTI N 4 NM 2.84 NM 14.94 2.51 NM (0.19) (3.75) (3.01) Dec 216 14.1 JF Whiting Petroleum Corp. WLL N 2 HR 14.70 29.00 92.92 13.50 NM 4.07 (0.85) (1.19) Dec 3,001 0.0 JF Whiting USA Trust II (cu) WHZ N 2 HR 1.09 3.50 12.99 1.02 4.2 2.47 0.26 0.42 Dec 20 58.7 KS WPX Energy Inc. WPX N 2 HR 5.81 14.00 26.79 5.24 NM 0.28 (0.15) (0.31) Dec 1,192 0.0 AC

Integrated Majors and Refiners Independent Refiners Delek US Holdings, Inc. DK N 3 AG 29.96 NM 41.15 25.15 10.8 4.23 2.78 3.50 Dec 1,831 2.0 JJ HollyFrontier Corp. HFC N 3 G 46.21 NM 54.73 30.15 9.9 2.66 4.69 4.00 Dec 8,849 2.9 JJ Marathon Petroleum Corp. MPC N 2 G 45.52 65.00 60.38 37.32 7.7 4.47 5.91 4.50 Dec 24,763 2.9 JJ PBF Energy, Inc. PBF N 3 AG 28.72 NM 36.93 21.02 9.6 4.52 3.00 4.75 Dec 2,634 4.2 JJ Phillips 66 PSX N 2 G 73.30 91.00 87.98 57.33 10.9 6.62 6.74 7.50 Dec 40,234 3.1 JJ Tesoro Corp. TSO N 3 AG 91.76 NM 110.74 55.59 8.2 6.90 11.23 7.75 Dec 11,589 2.2 JJ Valero Energy Corp. VLO N 2 G 58.85 73.00 71.50 42.53 7.3 6.58 8.02 6.75 Dec 29,896 2.7 JJ Western Refining, Inc. WNR N 3 AG 41.95 NM 51.31 31.83 8.7 4.72 4.84 4.25 Dec 4,010 3.2 JJ

Integrated Oil and Gas Chevron Corp. CVX N 2 TR 73.09 100.00 129.53 69.58 24.9 10.14 2.93 4.03 Dec 137,168 5.9 PM Ecopetrol S.A. (ed, r) EC N 3 G 8.84 NM 35.40 8.65 24.6 2.03 0.36 0.50 Dec 18,173 2.8 PM Exxon Mobil Corp. XOM N 3 TR 72.50 NM 99.96 66.55 19.7 7.60 3.68 4.02 Dec 304,500 4.0 PM Petróleo Brasileiro S.A. (ed, r) PBR N 3 G 5.08 NM 20.94 4.68 22.1 1.22 0.23 0.09 Dec 33,132 0.0 PM


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Energy - USA Midstream Suppliers American Midstream Partners L.P. AMID N 3 HR 12.86 NM 30.99 9.01 NM (6.47) 0.01 1.84 Dec 298 14.7 DH AmeriGas Partners L.P. APU N 3 HR 43.26 NM 52.72 40.16 20.2 2.83 2.14 2.90 Sep 4,018 8.5 DH,BBL Antero Midstream Partners L.P. AM N 1 G 22.17 33.00 30.77 20.50 55.4 0.09 0.40 1.12 Dec 3,368 3.1 DH Boardwalk Pipeline Partners L.P. BWP N 3 G 12.89 NM 20.22 12.12 17.7 0.58 0.73 0.73 Dec 3,136 3.1 DH Calumet Specialty Products Partners L.P. CLMT Q 3 HR 24.77 NM 30.69 18.26 52.7 (1.80) 0.47 2.08 Dec 1,877 11.1 DH,JJ Capital Product Partners L.P. CPLP Q 3 HR 6.47 NM 11.00 5.56 17.0 0.31 0.38 0.47 Dec 687 14.7 DH,BBL Cheniere Energy Partners L.P. CQP M 3 HR 28.64 NM 34.55 20.53 NM (0.87) (0.51) 0.40 Dec 9,675 5.9 DH,PM Cheniere Energy, Inc. LNG M 3 HR 58.80 NM 85.00 54.50 NM (1.93) (1.93) (1.90) Dec 13,318 0.0 PM,DH Crestwood Equity Partners L.P. CEQP N 2 HR 2.67 5.00 13.29 2.55 NM 0.30 (0.23) (0.14) Dec 498 20.6 DH Crestwood Midstream Partners L.P. CMLP N 2 HR 7.13 14.00 23.97 6.98 NM (0.46) (0.29) 0.23 Dec 1,343 23.0 DH CrossAmerica Partners L.P. CAPL N 2 HR 22.40 32.00 40.87 20.00 NM (0.25) 0.20 0.78 Dec 564 9.8 BBL,DH Delek Logistics Partners L.P. DKL N 2 TR 36.51 48.00 48.46 30.16 12.3 2.87 2.98 3.93 Dec 891 6.0 DH,JJ Energy Transfer Equity L.P. ETE N 1 TR 26.55 33.00 35.44 22.94 19.2 0.59 1.38 1.54 Dec 28,403 4.0 DH Energy Transfer Partners L.P. ETP N 2 TR 46.72 53.00 69.66 41.00 44.9 1.86 1.04 1.14 Dec 28,479 8.9 DH EnLink Midstream LLC ENLC N 2 TR 21.69 27.00 41.74 20.60 24.9 0.55 0.87 1.93 Dec 3,557 4.6 DH EnLink Midstream Partners L.P. ENLK N 3 HR 16.34 NM 32.11 15.32 34.0 0.59 0.48 0.86 Dec 3,758 9.4 DH Enterprise Products Partners L.P. EPD N 1 TR 27.26 35.00 41.38 24.62 21.5 1.47 1.27 1.33 Dec 51,085 5.6 DH Ferrellgas Partners L.P. FGP N 4 NM 21.74 NM 28.70 19.63 35.1 0.41 0.62 0.53 Jul 1,816 9.2 DH,BBL Genesis Energy L.P. GEL N 2 TR 41.65 50.00 56.32 27.40 29.3 1.18 1.42 2.42 Dec 4,150 6.0 DH,JJ Global Partners L.P. GLP N 3 HR 30.23 NM 45.75 27.00 16.2 3.96 1.87 2.00 Dec 1,021 9.2 DH,JJ Golar LNG Partners L.P. GMLP Q 3 TR 17.25 NM 39.35 17.10 6.6 2.77 2.62 2.86 Dec 1,063 13.4 DH,BBL Holly Energy Partners L.P. HEP N 3 TR 32.12 NM 37.44 28.00 21.0 1.21 1.53 1.70 Dec 1,884 6.8 DH,JJ Kinder Morgan, Inc. KMI N 2 TR 30.79 41.00 44.71 28.50 42.2 0.90 0.73 0.83 Dec 67,375 6.4 DH KNOT Offshore Partners L.P. KNOP N 2 HR 17.09 19.00 28.30 12.58 11.6 1.34 1.47 1.62 Dec 390 11.9 DH,BBL Magellan Midstream Partners L.P. MMP N 2 TR 68.30 71.00 90.08 61.37 20.6 3.69 3.32 3.93 Dec 15,533 4.3 DH,JJ Martin Midstream Partners L.P. MMLP Q 2 TR 24.86 35.00 41.44 23.05 21.2 (0.40) 1.17 1.38 Dec 881 13.1 DH NGL Energy Partners L.P. NGL N 2 HR 23.06 28.00 43.32 21.42 48.0 0.39 (0.36) A 0.48 Mar 2,396 11.0 DH Niska Gas Storage Partners LLC NKA N 3 HR 3.35 NM 14.61 1.21 NM (0.24) (9.26) A (2.69) Mar 127 0.0 DH NuStar Energy L.P. NS N 3 HR 48.81 NM 68.10 45.81 15.1 2.10 3.24 2.83 Dec 3,802 9.0 DH,JJ NuStar GP Holdings, LLC NSH N 3 TR 32.20 NM 44.07 29.74 18.1 1.44 1.78 1.72 Dec 1,382 6.8 DH,JJ PennTex Midstream Partners L.P. PTXP Q 2 AG 17.97 19.00 21.02 14.23 71.9 NA 0.25 1.04 Dec 719 6.1 DH Plains All American Pipeline L.P. PAA N 2 TR 33.23 41.00 61.09 30.06 18.7 2.43 1.78 2.24 Dec 13,215 8.4 DH,JJ Plains GP Holdings L.P. PAGP N 2 TR 18.14 22.00 31.89 16.59 27.9 0.48 0.65 0.74 Dec 4,063 5.0 DH,JJ Southcross Energy Partners L.P. SXE N 3 HR 7.13 NM 22.93 7.01 NM (1.25) (1.64) (0.34) Dec 289 22.4 DH


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Energy - USA Midstream Suppliers Spectra Energy Partners L.P. SEP N 2 TR 49.62 53.00 60.07 43.32 15.5 2.84 3.21 3.08 Dec 15,104 4.9 DH Sprague Resources L.P. SRLP N 3 TR 22.56 NM 28.90 19.00 7.8 5.86 2.89 3.60 Dec 475 8.6 DH Suburban Propane Partners L.P. SPH N 3 HR 35.74 NM 46.05 31.00 20.9 1.55 1.71 2.01 Sep 2,163 9.9 DH,BBL Sunoco L.P. SUN N 2 TR 36.01 45.00 58.50 34.26 15.8 1.81 2.28 3.53 Dec 1,289 7.7 BBL,DH Targa Resources Corp. TRGP N 1 TR 59.53 97.00 143.46 58.00 24.6 2.43 2.42 5.72 Dec 3,336 5.9 DH Targa Resources Partners L.P. NGLS N 2 HR 27.38 37.00 74.51 23.50 47.2 2.77 0.58 0.65 Dec 5,041 12.1 DH Teekay Corporation TK N 1 TR 31.59 46.00 67.98 30.00 18.1 (0.76) 1.75 1.75 Dec 2,296 7.0 DH,BBL Teekay LNG Partners L.P. TGP N 3 HR 25.03 NM 44.21 22.88 10.7 2.30 2.33 2.25 Dec 1,961 11.2 DH,BBL Teekay Offshore Partners L.P. TOO N 2 HR 15.59 22.00 35.45 13.74 7.5 0.21 2.07 1.72 Dec 1,441 13.8 DH,BBL Tesoro Logistics L.P. TLLP N 1 TR 49.20 60.00 72.00 46.52 17.0 1.10 2.89 3.82 Dec 4,064 5.9 DH,JJ The Williams Companies, Inc. WMB N 2 TR 45.67 56.00 61.38 40.07 65.2 2.92 0.70 1.04 Dec 34,207 5.2 DH Williams Partners L.P. WPZ N 2 TR 37.52 62.50 62.92 35.26 78.2 0.81 0.48 1.21 Dec 22,013 9.1 DH

Oilfield Services Compression CSI Compressco Partners L.P. CCLP Q 1 HR 13.67 20.00 27.64 11.60 NM 0.93 0.06 (0.25) Dec 454 14.6 JMA,PN Exterran Partners L.P. EXLP Q 2 HR 18.85 23.00 30.64 11.65 16.7 1.18 1.13 0.55 Dec 1,126 12.0 JMA,PN USA Compression Partners L.P. USAC N 2 HR 19.48 22.00 26.44 14.45 27.4 0.57 0.71 0.25 Dec 567 10.8 JMA,PN

Diversified Oilfield Services Baker Hughes, Inc. BHI N 1 HR 49.20 68.00 70.51 44.11 NM 4.21 (0.35) (0.10) Dec 21,451 1.4 JMA,PN Halliburton HAL N 1 HR 34.43 51.00 69.81 30.93 20.9 4.02 1.65 1.25 Dec 29,403 2.1 JMA,PN Schlumberger Ltd. SLB N 3 HR 70.09 NM 112.00 68.01 19.9 5.57 3.52 2.90 Dec 88,664 2.9 JMA,PN Weatherford WFT N 3 HR 8.26 NM 23.98 7.21 NM 1.01 (0.26) (0.25) Dec 6,402 0.0 JMA,PN

Manufacturing & Fabrication Cameron International Corp. CAM N 2 HR 59.93 52.00 74.89 39.52 17.5 4.26 3.42 2.25 Dec 11,473 0.0 JMA,PN FMC Technologies, Inc. FTI N 3 HR 30.73 NM 62.00 27.94 13.3 2.95 2.31 1.38 Dec 7,065 0.0 JMA,PN National Oilwell Varco Inc. NOV N 2 HR 39.03 43.00 86.55 34.54 13.6 6.06 2.86 1.30 Dec 15,087 4.7 JMA,PN Oil States International, Inc. OIS N 2 HR 24.88 30.00 65.05 23.35 36.1 4.39 0.69 (0.05) Dec 1,276 0.0 JMA,PN

Offshore Construction Helix Energy Solutions Group HLX N 3 HR 5.83 NM 27.70 5.31 24.3 1.79 0.24 (0.18) Dec 618 0.0 JMA,PN

Offshore Drillers Atwood Oceanics ATW N 3 HR 16.57 NM 49.52 15.56 2.3 4.87 7.35 3.70 Sep 1,071 6.0 PN,JMA Diamond Offshore DO N 3 HR 21.72 NM 45.08 20.00 10.9 3.26 2.00 0.25 Dec 3,021 2.3 PN,JMA Ensco plc ESV N 3 HR 15.45 NM 50.49 14.20 3.8 6.15 4.03 2.75 Dec 3,575 3.9 PN,JMA Noble Corp plc NE N 3 HR 11.05 NM 28.50 10.52 4.5 2.95 2.47 1.10 Dec 2,674 13.6 PN,JMA Ocean Rig UDW ORIG Q 3 HR 2.66 NM 18.90 2.56 1.3 2.46 2.10 0.60 Dec 350 28.6 PN,JMA Pacific Drilling PACD N 3 HR 1.52 NM 9.96 1.47 1.9 0.87 0.80 (0.25) Dec 320 0.0 PN,JMA Rowan Companies RDC N 2 HR 15.41 20.00 30.32 14.63 5.7 2.12 2.68 2.30 Dec 1,914 2.6 PN,JMA Transocean RIG N 4 NM 11.60 NM 38.87 11.26 3.3 4.98 3.53 (0.15) Dec 4,217 5.2 PN,JMA


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Energy - USA Onshore Drillers Nabors Industries Ltd. NBR N 2 HR 9.60 11.00 27.34 8.94 NM 1.14 (0.35) (0.95) Dec 2,802 2.5 JMA,PN Patterson-UTI Energy, Inc. PTEN Q 1 HR 13.63 19.00 34.79 12.98 NM 1.62 (0.70) (1.80) Dec 2,006 2.9 JMA,PN Pioneer Energy Services Corp PES N 4 NM 2.83 NM 15.46 1.91 NM 0.24 (0.92) (1.35) Dec 177 0.0 JMA,PN Unit Corporation UNT N 3 HR 12.78 NM 66.04 11.49 NM 4.22 (0.65) (0.75) Dec 644 0.0 JMA,PN

Production/Workover/Miscellaneous Basic Energy Services, Inc. BAS N 3 VR 3.43 NM 24.66 3.11 NM 0.43 (4.20) (4.50) Dec 146 0.0 JMA,PN Cypress Energy Partners L.P. CELP N 2 HR 11.83 13.00 25.78 9.21 14.1 0.99 0.84 0.99 Dec 141 13.7 JMA,PN Dawson Geophysical Company DWSN Q 3 HR 4.26 NM 12.54 3.65 NM (1.65) (1.50) (1.40) Dec 90 0.0 JMA,PN Hi-Crush Partners L.P. HCLP N 2 HR 12.84 17.00 71.88 11.12 9.2 2.98 1.40 1.10 Dec 475 14.8 JMA,PN Key Energy Services Inc. KEG N 3 VR 0.56 NM 6.35 0.50 NM (0.57) (1.10) (1.00) Dec 89 0.0 JMA,PN Newpark Resources NR N 1 HR 6.16 8.00 13.00 5.79 NM 0.85 (0.05) 0.05 Dec 518 0.0 JMA,PN Superior Energy Services, Inc. SPN N 1 HR 13.60 18.50 36.07 12.59 NM 1.79 (1.00) (1.25) Dec 2,050 2.4 JMA,PN TETRA Technologies Inc. TTI N 2 HR 6.61 8.00 12.01 4.62 30.0 0.26 0.22 (0.10) Dec 530 0.0 JMA,PN

Renewable Energy and Clean Technology Fuels and Chemicals Amyris, Inc. AMRS Q 3 VR 1.60 NM 4.48 1.52 NM (1.30) (0.74) (0.08) Dec 128 0.0 PM Chart Industries, Inc. GTLS Q 2 AG 21.96 40.00 68.36 20.11 13.8 2.74 1.59 1.98 Dec 674 0.0 PM Clean Energy Fuels Corp. CLNE Q 4 NM 4.43 NM 10.48 3.73 NM (0.87) (1.13) (0.99) Dec 405 0.0 PM Green Plains Partners L.P. GPP Q 1 TR 13.20 22.00 16.29 12.48 16.1 0.07 0.82 1.65 Dec 428 12.1 PM Solazyme, Inc. SZYM Q 2 VR 2.23 5.00 9.44 1.89 NM (1.77) (1.40) (0.65) Dec 179 0.0 PM Westport Innovations Inc. WPRT Q 3 HR 3.14 NM 15.13 3.00 NM (1.84) (1.12) (0.95) Dec 201 0.0 PM

Power 8point3 Energy Partners L.P. CAFD Q 1 TR 14.21 27.00 21.15 13.41 NM (0.02) (0.03) 0.18 Dec 1,009 5.9 PM Advanced Energy Industries, Inc. AEIS Q 1 AG 24.11 32.00 29.50 16.37 11.5 1.73 2.10 2.51 Dec 986 0.0 PM EnerNOC, Inc. ENOC Q 1 HR 8.30 18.00 20.35 7.23 NM 1.40 (1.63) (0.21) Dec 235 0.0 PM Enphase Energy, Inc. ENPH Q 3 HR 4.48 NM 17.97 3.90 37.3 0.06 0.12 0.31 Dec 220 0.0 PM Enviva Partners L.P. EVA N 2 TR 12.32 22.00 22.46 12.01 12.7 0.01 0.97 1.23 Dec 297 13.4 PM First Solar, Inc. FSLR Q 3 HR 46.09 NM 73.78 39.18 16.6 3.64 2.78 3.95 Dec 4,683 0.0 PM Silver Spring Networks, Inc. SSNI N 2 HR 10.98 13.00 15.20 6.90 78.4 (0.50) 0.14 0.23 Dec 564 0.0 PM SolarCity Corp. SCTY Q 2 HR 43.05 75.00 75.90 34.65 NM (3.96) (6.65) (7.63) Dec 4,176 0.0 PM SunPower Corp. SPWR Q 2 HR 22.34 35.00 39.95 18.25 13.5 1.33 1.66 1.31 Dec 3,481 0.0 PM Trina Solar Limited (r) TSL N 3 HR 8.52 NM 15.15 7.15 5.6 0.75 1.53 1.66 Dec 895 0.0 PM


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Energy - CAN Andrew Bradford, CFA [email protected] Steven Li, CFA [email protected]

Theoni Pilarinos, CFA [email protected] Steve Hansen, CMA, CFA [email protected]

Kurt Molnar [email protected] Chris Cox, CFA [email protected]

Alternative Energy & Clean Tech Alterra Power Corp. AXY T 2 VR C$0.45 0.65 0.55 0.29 14.8 (0.07) 0.03 0.03 Dec 208 0.0 SLi U.S. Geothermal HTM M 3 VR US$0.59 0.85 0.69 0.38 14.7 0.01 0.04 NA Dec 63 0.0 SLi

Energy Infrastructure Midstream AltaGas Ltd. (af) ALA T 2 TR C$32.43 44.00 52.60 27.09 11.5 3.25 2.82 3.43 Dec 4,404 5.9 CC Gibson Energy Inc. (af) GEI T 3 TR C$17.56 22.00 37.77 16.20 9.1 2.11 1.94 1.87 Dec 2,206 7.3 CC Inter Pipeline Ltd. (af) IPL T 3 TR C$25.30 30.00 38.95 21.23 12.7 1.53 1.99 2.03 Dec 8,470 5.8 CC Keyera Corp (af) KEY T 2 TR C$37.75 51.00 49.92 34.50 13.5 2.31 2.80 2.77 Dec 6,387 4.0 CC Pembina Pipeline Corp. (af) PPL T 2 TR C$33.53 50.00 53.04 30.54 14.5 2.37 2.31 2.83 Dec 11,467 5.5 CC Veresen Inc. (af) VSN T 3 TR C$12.33 15.00 19.40 11.21 11.9 1.09 1.04 1.00 Dec 3,568 8.1 CC

Intermediate Oil & Gas Producers ARC Resources Ltd. (cf) ARX T 3 HR C$17.21 24.50 31.83 15.57 7.7 3.54 2.23 2.40 Dec 5,877 7.0 KM Athabasca Oil Corp. (cb) ATH T 2 HR C$1.40 2.75 8.00 1.16 NM (38) (53) (13) Dec 564 0.0 CC Baytex Energy Corp. (cf) BTE T 3 AG C$5.81 11.00 48.70 5.23 NM 621 549 543 Dec 1,213 0.0 CC Birchcliff Energy Ltd. (cf) BIR T 2 HR C$5.41 11.50 12.82 4.90 5.1 1.97 1.06 1.40 Dec 824 0.0 KM Crescent Point Energy (cf) CPG T 2 G C$13.61 30.00 45.04 11.31 NM 3,139 1,714 2,236 Dec 6,752 8.8 CC Crew Energy Inc. (cf) CR T 1 HR C$3.68 7.50 11.51 3.40 5.8 1.39 0.63 0.63 Dec 519 0.0 KM Kelt Exploration Ltd. (cf) KEL T 2 HR C$5.09 9.50 13.89 4.91 10.2 0.93 0.50 0.99 Dec 863 0.0 KM NuVista Energy Ltd. (cf) NVA T 2 HR C$4.69 9.00 11.90 4.02 5.7 0.81 0.83 0.95 Dec 651 0.0 KM Paramount Resources Ltd. (cf) POU T 1 HR C$11.17 36.00 66.37 10.75 9.0 1.39 1.24 4.25 Dec 1,171 0.0 KM Pengrowth Energy Corporation (cf) PGF T 3 AG C$1.49 3.25 6.96 1.10 NM (8) 234 473 Dec 804 16.1 CC Peyto Exploration and Development (cf) PEY T 2 G C$26.91 39.00 38.70 24.11 7.4 4.31 3.63 4.51 Dec 4,279 4.9 KM Seven Generations Energy Ltd. (cf) VII T 2 HR C$12.35 25.00 24.70 11.25 7.1 1.46 1.74 2.25 Dec 3,099 0.0 KM Tourmaline Oil Corp. (cf) TOU T 2 HR C$29.74 50.00 55.17 25.01 7.1 4.58 4.17 5.50 Dec 6,436 0.0 KM Trilogy Energy Corp. (cf) TET T 3 HR C$3.53 10.00 29.11 3.30 3.8 2.79 0.92 1.07 Dec 444 0.0 KM

Junior Oil & Gas Producers Boulder Energy Ltd. (cf) BXO T 2 HR C$4.15 12.00 12.03 3.97 3.6 NA 1.14 1.95 Dec 193 0.0 KM Chinook Energy Inc. (cf) CKE T 2 HR C$0.65 1.60 2.45 0.61 13.0 0.23 0.05 0.10 Dec 140 0.0 KM Delphi Energy Corp. (cf) DEE T 1 HR C$0.71 2.00 4.58 0.62 2.8 0.42 0.25 0.35 Dec 110 0.0 KM Granite Oil Corp. (cf) GXO T 1 HR C$6.11 10.50 14.52 4.06 3.7 1.95 1.63 1.38 Dec 185 6.4 KM Leucrotta Exploration Inc. (cf) LXE V 2 HR C$0.82 1.30 2.38 0.76 NM 0.12 0.00 0.02 Dec 135 0.0 KM RMP Energy Inc. (cf) RMP T 2 HR C$1.33 3.25 8.86 1.22 1.8 1.30 0.75 0.86 Dec 163 0.0 KM Storm Resources Ltd. (cf) SRX V 2 HR C$3.91 6.50 6.16 3.02 10.0 0.41 0.39 0.65 Dec 467 0.0 KM


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Energy - CAN Oil & Gas Energy Services Contract Drillers Ensign Energy Services Inc. (cb) ESI T 3 HR C$9.66 9.00 16.47 8.17 NM 540 344 320 Dec 1,614 5.0 AB Precision Drilling Corporation (cb) PD T 3 HR C$5.52 6.50 13.97 5.09 NM 817 469 522 Dec 1,673 5.1 AB Savanna Energy Services (cb) SVY T 1 HR C$1.55 2.75 7.98 1.01 NM 158 93 99 Dec 149 0.0 AB Trinidad Drilling Ltd. (cb) TDG T 2 HR C$2.47 3.75 10.12 1.97 NM 252 185 215 Dec 552 8.1 AB Western Energy Services Corp. (cb) WRG T 3 HR C$4.54 5.50 11.00 3.03 NM 177 83 96 Dec 359 6.6 AB

Facilities & Infrastructure Black Diamond Group Limited (cb) BDI T 1 AG C$8.48 13.75 30.60 6.70 NM 140 97 101 Dec 376 11.3 AB Enerflex Ltd. (cb) EFX T 2 AG C$10.55 15.00 21.09 10.03 NM 181 204 208 Dec 856 3.2 AB Horizon North Logistics Inc. (cb) HNL T 3 AG C$2.79 2.90 6.25 1.80 NM 93 71 73 Dec 392 11.5 AB Secure Energy Services Inc. (cb) SES T 1 AG C$9.08 15.50 27.00 7.98 NM 211 147 216 Dec 1,316 2.6 AB

Pressure Pumpers Calfrac Well Services (cb) CFW T 3 HR C$4.06 9.75 20.77 3.00 NM 361 63 205 Dec 420 6.2 AB Canyon Services Group Inc. (cb) FRC T 3 HR C$4.74 8.00 16.74 3.86 NM 121 26 90 Dec 344 6.3 AB Trican Well Service (cb) TCW T 4 HR C$1.16 1.00 15.99 1.00 NM 269 (47) 53 Dec 190 0.0 AB

Well Site & Other Services Essential Energy Services Ltd. (cb) ESN T 2 HR C$0.70 1.40 2.73 0.67 NM 68 28 56 Dec 94 8.6 AB McCoy Global MCB T 3 AG C$2.98 4.50 6.16 2.85 33.1 0.38 0.09 0.15 Dec 82 6.7 TP,SH Mullen Group Ltd. (cb) MTL T 3 AG C$17.45 20.50 29.28 14.81 NM 286 228 277 Dec 1,642 6.9 AB Strad Energy Services Ltd. (cb) SDY T 2 HR C$2.65 3.90 5.09 1.89 NM 59 22 35 Dec 106 10.6 AB

Oil Sands Canadian Oil Sands Limited (cb) COS T 3 AG C$6.12 9.00 23.44 5.61 NM 1,192 499 945 Dec 2,966 3.3 CC MEG Energy Corp. (cb) MEG T 2 AG C$9.90 22.00 39.01 9.54 NM 556 169 667 Dec 2,229 0.0 CC

Senior Oil & Gas Producers Canadian Natural Resources Ltd (cb) CNQ T 2 G C$26.00 39.00 47.42 25.01 NM 10,366 5,709 7,072 Dec 28,447 3.5 CC Cenovus Energy (cb) CVE T 2 G C$17.14 23.00 34.70 15.75 NM 3,367 2,507 2,297 Dec 14,202 3.7 CC Husky Energy Inc. (cb) HSE T 3 G C$21.63 25.00 33.62 21.05 NM 6,018 4,279 4,641 Dec 21,286 5.5 CC Imperial Oil Limited (cb) IMO T 3 G C$42.36 52.00 57.96 42.12 NM 6,121 4,143 4,862 Dec 36,036 1.3 CC Suncor Energy Inc (cb) SU T 2 G C$34.52 41.00 44.71 30.89 NM 12,159 9,056 8,871 Dec 49,909 3.4 CC


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Energy - EUR Emmanuel Retif, RJEE [email protected] Bertrand Hodée, RJEE [email protected]

Pavel Molchanov* [email protected]

Integrated Majors and Refiners BG Group ($D) BG.L L 2 924p 1,220 1,302 781 NM 1.19 0.47 0.79 Dec £31,450 2.0 BH BP ($D) BP.L L 3 TR 331p NM 495 326 NM 0.65 0.39 0.45 Dec £66,260 7.8 BH,PM Eni ENI.MI BIT 2 €13.49 18.00 19.64 12.98 19.8 1.02 0.68 1.02 Dec 48,866 5.9 BH OMV OMV.AV WBAG 4 €21.72 22.00 30.95 19.54 8.2 3.47 2.65 2.35 Dec 7,083 5.8 BH Repsol REP.MC MAD 3 €12.42 NM 18.40 12.24 9.7 1.28 1.28 1.32 Dec 17,241 7.7 BH Royal Dutch Shell ($D) RDSa.AS AMS 2 €21.62 30.00 31.12 20.92 9.5 3.71 2.28 2.64 Dec 137,237 7.7 BH Total ($D) TOTF.PA EPA 2 €37.71 49.00 52.09 36.92 9.2 5.68 4.12 4.59 Dec 89,651 6.5 BH

Oilfield Services Diversified Oilfield Services Bourbon GPBN.PA EPA 4 €11.94 11.50 22.89 11.24 NM 0.17 (0.70) (0.68) Dec 891 8.4 BH Saipem SPMI.MI BIT 4 €7.63 7.00 18.14 6.86 NM 0.41 (1.33) 0.76 Dec 3,366 0.0 BH Technip TECF.PA EPA 4 €45.58 46.00 71.32 41.78 8.6 4.74 5.32 4.14 Dec 4,982 4.5 BH

Seismic CGG ($D) CGG.PA EPA 4 €3.98 4.10 8.87 3.21 NM (1.15) (0.57) (0.31) Dec 695 0.0 BH

Utilities Electricity & Gas Centrica CNA.L L 2 236p 310 327 234 13.4 19.20 17.60 17.70 Dec £11,791 5.1 ER CEZ CEZsp.PR PRG 4 CZK546.60 458.00 671.80 525.00 9.9 55.10 E 42.90 40.20 Dec 291,884 5.4 ER E.On EONGn.DE ETR 3 €9.88 NM 15.46 9.56 11.2 0.84 0.88 0.83 Dec 18,849 5.1 ER EDF EDF.PA EPA 2 €18.80 27.40 26.12 18.42 9.7 2.41 1.94 2.00 Dec 34,750 6.7 ER Enel ENEI.MI BIT 1 €3.88 4.80 4.50 3.36 11.7 0.32 0.33 0.33 Dec 36,446 4.1 ER Engie GSZ.PA EPA 1 €15.45 21.80 20.57 14.71 13.2 1.13 1.17 1.57 Dec 37,269 6.5 ER Fortum FUM1V.HE HEL 4 €14.18 15.00 21.59 13.81 16.9 1.19 0.84 0.79 Dec 12,597 11.3 ER RWE RWEG.DE ETR 4 €13.53 23.50 32.32 13.10 6.4 2.09 2.11 1.94 Dec 8,311 5.9 ER SSE SSE.L L 2 1,420p 1,645 1,696 1,395 12.0 123.00 118.00 113.00 Mar £13,916 6.3 ER Verbund VERB.VI WBAG 3 €12.64 NM 17.40 12.24 18.3 0.62 0.69 0.55 Dec 4,384 2.7 ER

Environmental Services Suez Environnement SEVI.PA EPA 2 €15.66 19.90 19.22 11.74 19.6 0.61 0.80 0.85 Dec 8,457 4.2 ER Veolia Environnement VIE.PA EPA 1 €18.86 24.40 21.23 11.99 21.7 0.47 0.87 1.01 Dec 10,305 3.7 ER

*Pavel Molchanov is a Raymond James & Associates employee.


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Energy - LAT Federico Rey Marino [email protected] Santiago Wesenack, CFA [email protected]

Electric Utilities Edenor (ed, r) EDN N S NM US$12.64 NM 18.97 8.66 NM (2.42) NA NA Dec 568 0.0 SW,FRM Pampa Energia SA (ed, r) PAM N S NM US$15.11 NM 19.78 8.44 NM 1.55 NA NA Dec 795 0.0 SW,FRM Transener TRAN BA S NM AR$4.45 NM 7.20 2.26 NM 0.33 NA NA Dec 1,979 0.0 SW,FRM

Exploration and Production GeoPark Limited GPRK N 2 AG US$2.87 10.25 11.00 2.70 3.2 0.13 1.67 2.38 Dec 166 0.0 SW,FRM

Gas Utility Transportadora de Gas del Sur (ed, r) TGS N 2 TR US$4.18 6.50 6.00 2.64 18.2 0.07 0.23 0.24 Dec 665 0.0 SW,FRM

Integrated Majors and Refiners Integrated Majors Petrobras Argentina (ed, r) PZE N 3 TR US$5.67 NM 7.90 4.32 6.3 0.35 0.90 0.88 Dec 1,145 0.2 SW,FRM YPF (ed, r) YPF N 2 TR US$19.75 37.30 37.76 18.90 7.0 2.89 2.82 3.97 Dec 7,754 0.6 SW,FRM

Oilfield Services Manufacturing & Fabrication Tenaris S.A. (ed, r) TS N 3 G US$23.82 NM 47.06 22.85 26.8 1.96 0.89 1.44 Dec 14,061 3.4 SW,FRM


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Financial Services - USA Daniel E. Cardenas [email protected] Robert Dodd, Ph.D. [email protected]

David J. Long, CFA [email protected] Patrick O'Shaughnessy, CFA [email protected]

C. Gregory Peters [email protected] Michael Rose [email protected]

Steven D. Schwartz, CFA [email protected] William J. Wallace IV [email protected]

Donald A. Worthington [email protected]

Asset Management Manning & Napier Inc. MN N 2 TR 9.12 13.00 18.87 8.91 8.9 1.23 1.02 0.94 Dec 764 7.0 SDS Silvercrest Asset Management Group Inc. SAMG Q 2 G 11.53 16.50 16.72 10.82 13.9 0.86 0.83 0.83 Dec 146 4.2 SDS Virtus Investment Partners, Inc. VRTS Q 3 AG 109.31 NM 227.29 103.24 13.7 10.51 7.96 9.48 Dec 964 1.6 SDS

Financial Services

USA Canada

Asset Management ..................................................... 36

Banking ....................................................................... 37

Capital Markets .......................................................... 41

Brokerages & Exchanges ......................................... 41

Capital Markets Technology .................................... 41

Insurance .................................................................... 41

Insurance Technology & Brokerage ......................... 41

Life and Health Insurance ........................................ 42

Non-Life Insurance .................................................. 42

Specialty Finance ........................................................ 43

Investment Companies ............................................ 43

Specialty Consumer Finance .................................... 43

Diversified Financials .................................................. 44

Latin America

Latin American Banking ............................................... 44


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Financial Services - USA Banking 1st Constitution Bancorp FCCY Q 2 G 11.59 13.00 13.08 9.40 9.4 0.65 1.23 1.20 Dec 87 0.0 WW Access National Corporation ANCX Q 2 AG 19.70 20.00 23.29 16.17 14.1 1.17 1.40 1.30 Dec 207 3.0 WW American National Bankshares, Inc. AMNB Q 2 AG 22.90 26.00 25.00 21.31 13.1 1.67 1.75 1.90 Dec 199 4.0 WW American River Bankshares AMRB Q 2 HR 10.05 11.00 10.15 9.01 16.0 0.54 0.63 0.70 Dec 77 0.0 DAW Associated Banc-Corp ASB M 3 AG 17.70 NM 20.95 16.26 14.9 1.17 1.19 1.32 Dec 2,671 2.3 DJL Banc of California, Inc. BANC N 2 AG 12.32 14.00 14.25 10.18 10.4 0.91 1.18 1.28 Dec 439 3.9 DAW BancFirst Corporation BANF Q 3 TR 59.35 NM 69.49 55.51 15.2 3.98 3.91 4.25 Dec 926 2.3 DC The Bancorp, Inc. TBBK Q 2 HR 7.40 12.00 11.03 7.32 14.8 0.13 0.50 0.90 Dec 279 0.0 WW BancorpSouth, Inc. BXS N 2 HR 23.04 28.00 26.68 19.22 15.6 1.24 1.48 1.70 Dec 2,230 1.7 MR Bank of America Corporation BAC N 2 TR 16.06 19.00 18.48 14.60 10.9 0.36 1.47 1.60 Dec 168,180 1.2 MR Bank of Commerce Holdings BOCH Q 2 HR 5.80 6.50 6.40 5.40 9.7 0.41 0.60 0.70 Dec 77 2.1 DAW Bank of Marin Bancorp BMRC Q 3 G 47.90 NM 53.63 45.35 16.0 3.29 3.00 3.25 Dec 287 1.8 DAW Bank of New York Mellon Corp BK N 2 G 39.47 49.00 45.45 35.06 13.9 2.40 2.83 3.20 Dec 43,674 1.7 DJL Bank of the Ozarks Inc. OZRK Q 1 G 41.35 51.00 48.68 29.14 19.4 1.55 2.13 2.54 Dec 3,589 1.4 MR Banner Corporation BANR Q 2 G 43.70 51.00 50.50 37.52 16.3 2.79 2.68 3.20 Dec 918 1.6 DAW BB&T Corporation BBT N 2 TR 36.32 45.00 41.90 34.50 13.7 2.72 2.65 3.16 Dec 26,641 3.0 MR BBCN Bancorp, Inc. BBCN Q 2 AG 14.30 17.00 15.84 12.77 12.7 1.11 1.13 1.26 Dec 1,136 3.1 DAW BNC Bancorp BNCN Q 2 AG 20.35 23.00 23.32 15.51 13.6 1.24 1.50 1.75 Dec 663 1.0 WW BofI Holding, Inc. BOFI Q 2 AG 119.01 145.00 134.79 64.62 17.1 3.85 5.37 A 6.95 Jun 1,845 0.0 DAW BOK Financial Corp. BOKF Q 3 G 59.17 NM 71.66 53.01 13.4 4.32 4.41 4.80 Dec 4,077 2.8 MR C1 Financial, Inc. BNK N 1 AG 19.00 23.00 19.84 15.98 19.4 0.58 0.98 1.60 Dec 306 0.0 MR Cardinal Financial Corporation CFNL Q 2 AG 21.87 25.00 24.20 16.32 14.9 1.11 1.47 1.62 Dec 704 2.0 MR CenterState Banks, Inc. CSFL Q 2 HR 13.83 15.50 14.41 10.10 15.7 0.54 0.88 1.00 Dec 628 0.6 MR Central Pacific Financial Corp. CPF N 2 HR 20.40 26.00 25.34 17.28 14.8 1.07 1.38 1.50 Dec 643 2.4 DAW Chemical Financial Corporation CHFC Q 3 AG 31.24 NM 34.49 25.99 13.1 2.10 2.39 2.66 Dec 1,190 3.3 DC Columbia Banking System, Inc. COLB Q 3 G 29.68 NM 33.70 23.90 17.0 1.52 1.75 2.00 Dec 1,713 2.4 DAW Comerica Inc. CMA N 3 G 42.37 NM 53.45 40.09 15.5 3.14 2.74 3.25 Dec 7,542 2.0 MR Commerce Bancshares, Inc. CBSH Q 3 AG 43.75 NM 48.70 38.10 16.4 2.54 2.67 2.93 Dec 4,082 2.1 DJL Community Bank System, Inc. CBU N 3 G 35.44 NM 40.50 32.84 16.2 2.27 2.19 2.35 Dec 1,449 3.4 WW Community Trust Bancorp, Inc. CTBI Q 3 TR 34.58 NM 37.63 31.53 12.7 2.47 2.72 2.77 Dec 605 3.6 DC ConnectOne Bancorp, Inc. CNOB Q 1 AG 19.19 26.00 22.55 17.76 13.1 1.28 1.47 1.75 Dec 579 1.6 WW CU Bancorp CUNB Q 2 AG 21.08 24.50 23.48 18.50 17.6 0.75 1.20 1.55 Dec 354 0.0 DAW CVB Financial Corp. CVBF Q 3 G 15.76 NM 18.37 13.35 17.1 0.98 0.92 1.09 Dec 1,675 3.0 DAW East West Bancorp, Inc. EWBC Q 2 G 38.58 49.00 46.50 30.50 14.3 2.44 2.70 2.90 Dec 5,548 2.1 DJL


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Financial Services - USA Banking Eastern Virginia Bankshares, Inc. EVBS Q 3 AG 6.54 NM 6.64 5.33 18.7 0.28 0.35 0.40 Dec 85 1.2 WW Enterprise Financial Services Corp. EFSC Q 3 AG 23.45 NM 25.07 16.38 14.0 1.49 1.67 1.75 Dec 467 1.2 DC EverBank Financial Corp EVER N 2 AG 19.77 22.00 20.69 17.24 14.3 1.13 1.38 1.70 Dec 2,392 1.2 MR Farmers Capital Bank Corp. FFKT Q 3 AG 26.01 NM 31.98 21.25 14.8 1.95 1.76 1.78 Dec 195 0.0 DC Fifth Third Bancorp FITB Q 3 AG 19.19 NM 21.93 17.14 12.1 1.68 1.59 1.79 Dec 15,544 2.7 DJL First Bancorp FBNC Q 2 AG 16.87 18.00 18.86 15.00 13.0 1.20 1.30 1.40 Dec 334 1.9 WW First Busey Corporation BUSE Q 3 AG 6.33 NM 6.86 5.46 14.4 0.38 0.44 0.49 Dec 550 3.2 DC First Business Financial Services, Inc. FBIZ Q 2 AG 44.20 51.00 48.25 36.63 11.5 3.67 3.86 4.25 Dec 190 2.0 DC First Community Corporation FCCO Q 2 AG 11.95 13.00 12.97 10.51 13.3 0.85 0.90 1.05 Dec 80 2.3 WW First Defiance Financial Corp. FDEF Q 2 AG 37.46 38.00 39.95 26.95 13.9 2.33 2.69 2.75 Dec 348 2.1 DC First Financial Bancorp FFBC Q 2 AG 18.05 22.00 19.73 15.00 14.6 1.19 1.24 1.50 Dec 1,114 3.5 DC First Financial Corporation THFF Q 3 AG 33.12 NM 36.66 30.82 13.5 2.55 2.45 2.54 Dec 431 3.0 DC First Foundation Inc. FFWM Q 2 AG 20.48 24.00 23.00 17.50 17.8 1.03 1.15 1.30 Dec 328 0.0 DAW First Horizon National Corporation FHN N 3 HR 13.98 NM 16.35 11.09 16.8 0.91 0.83 1.00 Dec 3,271 1.7 MR First Merchants Corporation FRME Q 3 HR 25.58 NM 26.77 19.91 14.6 1.64 1.75 1.90 Dec 967 1.7 DC First Midwest Bancorp, Inc. FMBI Q 3 AG 17.25 NM 19.53 15.01 14.5 0.94 1.19 1.30 Dec 1,346 2.1 DC The First of Long Island Corporation FLIC Q 2 AG 25.74 28.00 29.28 22.32 14.1 1.64 1.82 2.05 Dec 360 3.0 WW First Republic Bank FRC N 3 AG 58.81 NM 65.18 44.56 18.8 2.97 3.13 3.55 Dec 8,374 1.0 DJL First Security Group, Inc. FSGI Q 3 AG 2.45 NM 2.57 1.91 40.8 0.02 0.06 NA Dec 164 0.0 WW FirstMerit Corp. FMER Q 3 AG 17.61 NM 21.49 16.26 12.9 1.39 1.37 1.42 Dec 2,920 3.6 DJL Fulton Financial FULT Q 3 G 11.94 NM 13.66 10.43 14.6 0.84 0.82 0.87 Dec 2,101 3.0 DAW German American Bancorp, Inc. GABC Q 2 AG 29.26 32.00 30.99 25.61 13.6 2.07 2.15 2.25 Dec 389 2.3 DC Glacier Bancorp, Inc. GBCI Q 3 G 25.11 NM 30.29 22.16 15.7 1.53 1.60 1.73 Dec 1,896 3.0 DC Guaranty Federal Bancshares Inc. GFED Q 2 AG 14.60 17.00 15.50 12.11 10.1 1.32 1.45 1.50 Dec 64 1.4 DC Hancock Holding Company HBHC Q 3 AG 26.39 NM 35.67 24.96 12.6 2.32 2.10 2.30 Dec 2,061 3.6 MR Hanmi Financial Corporation HAFC Q 1 AG 23.80 28.00 26.49 19.33 14.8 1.56 1.61 1.85 Dec 761 1.8 DAW Heartland Financial USA, Inc. HTLF Q 2 AG 36.20 42.00 38.96 23.33 13.9 2.11 2.60 2.85 Dec 746 1.1 DC Heritage Financial Corporation HFWA Q 2 AG 17.59 19.00 18.74 15.44 14.4 0.82 1.22 1.33 Dec 528 2.5 DAW Heritage Oaks Bancorp HEOP Q 2 HR 7.81 8.50 8.92 6.70 15.3 0.27 0.51 0.62 Dec 268 3.1 DAW Hilltop Holdings Inc. HTH N 2 HR 19.61 24.00 24.70 17.34 12.7 1.17 1.55 1.70 Dec 1,951 0.0 MR Home BancShares, Inc. HOMB Q 2 G 37.70 42.00 41.30 27.68 18.6 1.77 2.03 2.30 Dec 2,556 1.6 MR HopFed Bancorp, Inc. HFBC Q 3 AG 11.02 NM 13.86 10.81 33.4 0.50 0.33 0.64 Dec 71 1.5 DC Horizon Bancorp HBNC Q 2 HR 23.26 27.00 26.75 20.50 10.5 1.93 2.21 2.45 Dec 216 2.4 DC Huntington Bancshares Inc. HBAN Q 2 AG 10.58 13.00 11.90 8.80 12.3 0.76 0.86 0.90 Dec 8,554 2.3 DJL


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Financial Services - USA Banking IBERIABANK Corporation IBKC Q 2 AG 58.90 64.00 71.21 54.34 14.0 3.65 4.20 4.82 Dec 2,421 2.3 MR KeyCorp KEY N 3 AG 13.43 NM 15.70 11.55 12.2 1.10 1.10 1.21 Dec 11,330 2.2 DJL Lakeland Bancorp, Inc. LBAI Q 2 G 10.95 13.00 12.50 9.67 12.4 0.83 0.88 1.05 Dec 415 3.1 WW Lakeland Financial Corporation LKFN Q 2 G 40.32 45.00 45.01 36.98 14.7 2.62 2.74 2.94 Dec 669 2.4 DC LegacyTexas Financial Group, Inc. LTXB Q 2 G 27.04 34.00 31.81 19.34 15.9 1.01 1.70 1.85 Dec 1,288 2.1 MR MB Financial, Inc. MBFI Q 3 AG 31.71 NM 36.23 26.21 15.1 1.84 2.10 2.30 Dec 2,378 2.1 DJL Mercantile Bank Corp. MBWM Q 2 HR 20.32 23.00 22.27 18.42 12.9 1.53 1.57 1.70 Dec 337 3.0 DC Meta Financial Group, Inc. CASH Q 1 AG 43.03 60.00 53.51 32.02 14.5 2.64 2.97 4.35 Sep 297 1.2 DC MidSouth Bancorp, Inc. MSL N 3 AG 13.18 NM 19.62 12.70 11.3 1.39 1.17 1.40 Dec 150 2.7 WW MidWestOne Financial Group, Inc. MOFG Q 2 AG 29.34 34.00 34.04 22.73 12.0 2.17 2.45 2.90 Dec 334 2.0 DC National Commerce Corporation NCOM Q 2 AG 23.33 28.00 29.54 20.51 24.6 0.98 0.95 1.45 Dec 220 0.0 WW New York Community Bancorp, Inc. NYCB N 3 TR 17.15 NM 19.11 14.26 16.0 1.05 1.07 1.05 Dec 7,620 5.8 WW NewBridge Bancorp NBBC Q 2 AG 8.36 9.00 9.18 7.31 13.9 0.49 0.60 0.70 Dec 327 0.7 WW Northern Trust Corporation NTRS Q 2 G 68.02 85.00 79.25 60.78 17.5 3.40 3.89 4.50 Dec 15,842 2.1 DJL Old Line Bancshares Inc. OLBK Q 2 AG 15.59 18.00 17.00 13.96 14.6 0.72 1.07 1.35 Dec 165 1.3 WW Old National Bancorp ONB Q 3 AG 13.73 NM 15.16 12.05 14.0 0.99 0.98 1.07 Dec 1,582 3.5 DJL Pacific Continental Corporation PCBK Q 2 G 12.80 14.50 14.66 12.49 13.3 0.89 0.96 1.16 Dec 251 3.4 DAW Pacific Premier Bancorp, Inc. PPBI Q 2 AG 19.10 20.00 20.49 14.00 15.9 0.96 1.20 1.70 Dec 411 0.0 DAW Park Sterling Corporation PSTB Q 3 AG 7.06 NM 7.80 6.45 17.6 0.31 0.40 0.45 Dec 317 1.7 WW Peoples Bancorp Inc. PEBO Q 1 AG 21.59 26.00 26.65 20.79 13.8 1.72 1.56 1.85 Dec 397 2.8 DC Pinnacle Financial Partners, Inc. PNFP Q 3 AG 45.60 NM 56.00 33.93 17.3 2.01 2.63 3.15 Dec 1,642 1.1 MR PNC Financial Services Group, Inc. PNC N 3 TR 89.03 NM 100.52 76.69 12.7 6.93 7.00 7.70 Dec 46,580 2.3 MR Preferred Bank PFBC Q 1 HR 30.57 35.00 32.65 22.25 14.6 1.78 2.10 2.25 Dec 422 1.6 DAW PrivateBancorp, Inc. PVTB Q 1 AG 36.32 49.00 42.93 26.51 16.7 2.00 2.18 2.46 Dec 2,858 0.1 DJL Prosperity Bancshares, Inc. PB N 4 NM 49.01 NM 61.89 43.76 12.0 4.33 4.08 4.04 Dec 3,431 2.2 MR Pulaski Financial Corp. PULB Q 3 AG 13.11 NM 13.65 11.00 12.5 0.89 1.05 1.17 Sep 157 2.9 DC QCR Holdings, Inc. QCRH Q 2 AG 20.87 25.00 23.23 16.91 11.0 1.72 1.90 1.96 Dec 244 0.4 DC Regions Financial Corporation RF N 1 G 9.25 11.50 10.87 8.59 12.5 0.78 0.74 0.90 Dec 12,312 2.4 MR Renasant Corporation RNST Q 1 TR 30.51 38.00 33.86 26.14 14.7 1.89 2.08 2.40 Dec 964 2.2 MR Republic Bancorp, Inc. RBCAA Q 3 HR 24.64 NM 27.00 22.00 15.3 1.38 1.61 1.68 Dec 513 3.2 DC Riverview Bancorp, Inc. RVSB Q 3 HR 4.45 NM 4.76 3.30 14.8 0.87 0.20 A 0.30 Mar 100 1.1 DAW S&T Bancorp, Inc. STBA Q 3 G 29.30 NM 32.88 23.07 14.0 1.95 2.10 2.25 Dec 1,020 2.5 WW Sandy Spring Bancorp, Inc. SASR Q 3 AG 25.51 NM 28.87 22.56 14.6 1.67 1.75 1.90 Dec 625 3.4 WW ServisFirst Bancshares, Inc. SFBS Q 1 AG 36.99 43.00 39.99 24.77 16.0 2.16 2.31 2.72 Dec 954 0.6 MR


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Financial Services - USA Banking Sierra Bancorp BSRR Q 2 HR 16.82 18.00 18.14 15.16 13.3 1.08 1.26 1.37 Dec 225 2.6 DAW Signature Bank SBNY Q 1 AG 130.73 168.00 155.84 101.87 18.5 6.00 7.08 8.15 Dec 6,654 0.0 DJL Simmons First National Corporation SFNC Q 2 TR 43.43 49.00 48.40 35.72 13.7 2.29 3.17 3.50 Dec 1,299 2.1 MR Southwest Bancorp, Inc. OKSB Q 2 AG 15.86 20.00 19.00 15.08 16.9 0.86 0.94 1.11 Dec 301 1.5 DC State Street Corporation STT N 3 G 70.77 NM 81.26 64.21 13.5 5.06 5.23 5.85 Dec 28,860 1.9 DJL Stock Yards Bancorp Inc. SYBT Q 3 AG 35.05 NM 38.95 29.04 14.2 2.36 2.47 2.55 Dec 522 2.7 DC SunTrust Banks, Inc. STI N 3 AG 39.03 NM 45.84 33.97 11.9 3.39 3.28 3.35 Dec 20,218 2.5 MR SVB Financial Group SIVB Q 1 AG 116.33 169.00 152.99 91.54 17.7 5.51 6.57 7.50 Dec 5,991 0.0 DJL Synovus Financial Corp. SNV N 2 HR 29.44 35.00 32.52 21.91 18.4 1.30 1.60 1.90 Dec 3,895 1.4 MR Talmer Bancorp, Inc. TLMR Q 1 AG 15.75 19.00 18.16 12.65 17.7 0.64 0.89 1.14 Dec 1,120 0.3 DJL TCF Financial Corporation TCB N 3 AG 14.90 NM 17.29 13.78 13.9 1.13 1.07 1.24 Dec 2,520 1.3 DJL Territorial Bancorp Inc. TBNK Q 3 G 25.59 NM 27.40 20.05 15.9 1.51 1.61 1.70 Dec 248 2.7 DAW Texas Capital Bancshares, Inc. TCBI Q 2 AG 50.04 68.00 63.70 40.40 16.4 2.88 3.05 3.70 Dec 2,292 0.0 MR TriCo Bancshares TCBK Q 2 AG 23.69 28.00 26.65 21.92 13.3 1.46 1.78 1.95 Dec 538 2.2 DAW Trustmark Corporation TRMK Q 3 TR 22.62 NM 25.55 21.05 13.2 1.83 1.71 1.68 Dec 1,529 4.1 MR U.S. Bancorp USB N 3 G 41.41 NM 46.26 38.10 12.8 3.05 3.24 3.55 Dec 73,171 2.5 DJL UMB Financial Corporation UMBF Q 4 NM 48.70 NM 61.00 47.03 18.1 2.89 2.69 3.27 Dec 2,401 1.9 DJL Umpqua Holdings Corp. UMPQ Q 1 AG 16.19 20.00 18.92 14.70 13.3 1.08 1.22 1.33 Dec 3,566 3.7 DJL Union Bankshares Corporation UBSH Q 3 AG 22.50 NM 25.00 19.92 15.1 1.43 1.49 1.75 Dec 1,015 3.0 WW United Bankshares, Inc. UBSI Q 3 G 37.00 NM 43.43 30.39 18.5 1.94 2.00 2.15 Dec 2,572 3.5 WW United Community Banks, Inc. UCBI Q 2 AG 19.20 23.00 22.23 15.16 15.1 1.11 1.27 1.46 Dec 1,204 1.2 MR Washington Federal, Inc. WAFD Q 3 AG 22.23 NM 24.25 19.52 13.9 1.55 1.60 1.62 Sep 2,090 2.3 DAW Webster Financial Corp. WBS N 3 G 34.66 NM 41.34 26.53 16.1 2.08 2.15 2.45 Dec 3,140 2.7 WW Wells Fargo & Co. WFC N 2 G 52.30 61.00 58.77 46.44 12.5 4.10 4.19 4.56 Dec 269,083 2.9 DJL WesBanco, Inc. WSBC Q 3 G 30.06 NM 36.11 29.26 12.3 2.41 2.45 2.60 Dec 1,157 3.1 WW Wilshire Bancorp, Inc. WIBC Q 3 HR 10.30 NM 13.02 8.80 12.1 0.75 0.85 0.96 Dec 809 2.3 DAW Wintrust Financial Corporation WTFC Q 1 AG 50.16 64.00 55.79 41.04 15.0 3.03 3.34 3.78 Dec 2,393 0.9 DJL Yadkin Financial Corporation YDKN N 1 AG 20.25 26.00 23.00 17.50 12.9 1.37 1.57 1.75 Dec 640 2.0 WW Zions Bancorporation ZION Q 3 AG 27.70 NM 33.03 23.72 17.0 1.78 1.63 2.05 Dec 5,642 0.9 DJL


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Financial Services - USA Capital Markets Brokerages & Exchanges BGC Partners, Inc. BGCP Q 1 AG 8.61 14.00 10.27 6.87 11.0 0.62 0.78 0.90 Dec 3,328 6.5 PO CBOE Holdings, Inc. CBOE Q 2 G 62.71 69.00 68.00 52.36 26.9 2.28 2.33 2.85 Dec 5,268 1.5 PO The Charles Schwab Corporation SCHW N 3 AG 29.74 NM 35.72 23.35 28.6 0.96 1.04 1.50 Dec 39,346 0.8 PO CME Group Inc. CME Q 3 G 91.74 NM 100.87 75.30 23.3 3.38 3.94 4.60 Dec 30,953 2.2 PO E*TRADE FINANCIAL Corporation ETFC Q 2 AG 25.26 34.00 31.48 18.20 24.1 1.13 1.05 1.50 Dec 7,444 0.0 PO FXCM Inc. FXCM N 4 NM 0.94 NM 17.44 0.74 NM 0.35 (1.11) (0.13) Dec 76 0.0 PO GAIN Capital Holdings, Inc. GCAP N 2 HR 7.70 12.00 10.38 6.13 12.8 0.85 0.60 1.10 Dec 340 2.6 PO Intercontinental Exchange, Inc. ICE N 2 AG 229.34 260.00 246.39 184.27 20.8 8.90 11.04 13.35 Dec 25,686 1.3 PO KCG Holdings, Inc. KCG N 2 HR 10.87 15.00 13.75 9.75 24.7 0.49 0.44 0.60 Dec 1,235 0.0 PO Lazard Ltd LAZ N 2 AG 48.91 61.00 59.82 43.12 12.4 3.20 3.94 3.77 Dec 6,167 2.9 PO MarketAxess Holdings Inc. MKTX Q 3 G 90.97 NM 104.69 57.50 34.6 1.97 2.63 3.25 Dec 3,420 0.9 PO The NASDAQ OMX Group, Inc. NDAQ Q 1 AG 49.69 60.00 54.68 38.43 15.6 2.88 3.19 3.65 Dec 8,581 2.0 PO TD Ameritrade Holding Corporation AMTD N 2 AG 32.37 41.00 39.05 28.34 21.7 1.42 1.49 1.85 Sep 17,706 1.9 PO

Capital Markets Technology Broadridge Financial Solutions, Inc. BR N 2 G 52.39 58.00 59.51 38.28 19.3 2.25 2.48 A 2.72 Jun 6,192 2.3 PO Envestnet, Inc. ENV N 1 AG 30.08 57.00 58.21 28.51 31.0 0.80 0.97 1.44 Dec 1,071 0.0 PO FactSet Research Systems Inc. FDS N 3 G 157.62 NM 174.03 110.77 28.1 4.99 5.61 6.20 Aug 6,546 1.1 PO Financial Engines, Inc. FNGN Q 4 NM 31.86 NM 46.34 29.40 34.6 0.92 0.92 1.02 Dec 1,698 0.9 PO McGraw Hill Financial Inc. MHFI N 3 G 96.27 NM 109.13 73.96 21.5 3.88 4.48 5.10 Dec 26,234 1.4 PO Moody's Corporation MCO N 3 G 102.52 NM 113.87 85.50 21.5 4.22 4.76 5.25 Dec 20,540 1.3 PO MSCI Inc. MSCI N 3 AG 60.14 NM 68.83 41.16 27.7 2.00 2.17 2.55 Dec 6,650 1.5 PO SEI Investments Co. SEIC Q 2 G 48.49 54.00 55.48 32.95 23.8 1.83 2.04 2.31 Dec 8,043 1.0 PO SS&C Technologies Holdings, Inc. SSNC Q 3 AG 66.51 NM 75.50 41.67 26.1 2.36 2.55 2.90 Dec 5,840 0.8 PO

Insurance Insurance Technology & Brokerage Aon plc AON N 3 G 92.62 NM 107.08 78.26 15.3 5.71 6.05 6.60 Dec 25,934 1.3 CGP Arthur J. Gallagher & Co. AJG N 2 TR 43.30 51.00 49.59 39.99 17.3 2.47 2.50 2.70 Dec 7,556 3.4 CGP Brown & Brown, Inc. BRO N 2 AG 32.19 37.00 34.59 29.67 19.3 1.63 1.67 1.80 Dec 4,606 1.4 CGP Crawford & Company CRD.B N 2 HR 6.72 8.00 11.00 6.44 19.2 0.52 0.35 0.70 Dec 372 3.0 CGP HealthEquity, Inc. HQY Q 2 AG 28.69 35.00 34.56 17.23 92.5 (1.15) 0.22 A 0.31 Jan 1,569 0.0 CGP Marsh and McLennan Companies, Inc. MMC N 2 G 53.36 60.00 59.99 48.66 17.8 2.82 3.00 3.25 Dec 28,334 2.3 CGP Solera Holdings, Inc. SLH N 2 G 44.00 50.00 66.00 36.14 14.7 2.76 3.09 A 3.00 Jun 2,952 1.8 CGP Towers Watson & Co. TW Q 2 AG 122.20 136.00 141.88 98.10 19.4 5.76 6.18 A 6.30 Jun 8,493 0.5 CGP Verisk Analytics Inc. VRSK Q 3 AG 72.65 NM 79.88 57.97 23.8 2.40 3.05 3.40 Dec 12,234 0.0 CGP


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Financial Services - USA Life and Health Insurance Aflac, Inc. AFL N 2 G 56.92 70.00 65.10 51.41 9.4 6.16 6.04 6.23 Dec 24,510 2.7 SDS American Equity Investment Life Holding Company AEL N 2 AG 24.12 30.50 30.02 21.36 9.6 2.38 2.51 2.72 Dec 1,855 0.8 SDS Assurant, Inc. AIZ N 3 AG 74.34 NM 80.08 59.73 10.6 6.88 7.04 7.03 Dec 5,048 1.6 SDS FBL Financial Group FFG N 3 AG 56.74 NM 63.24 43.76 13.7 4.28 4.13 4.45 Dec 1,407 2.8 SDS Genworth Financial GNW N 2 HR 4.65 10.00 14.32 4.23 5.2 (0.80) 0.90 0.96 Dec 2,313 0.0 SDS Health Insurance Innovations, Inc. HIIQ Q 1 HR 4.35 8.00 13.08 4.00 20.7 0.38 0.21 0.40 Dec 64 0.0 SDS Kemper Corp KMPR N 3 TR 35.55 NM 40.28 32.66 20.2 1.80 1.76 2.65 Dec 1,841 2.7 SDS Lincoln National Corp. LNC N 2 AG 49.48 67.00 62.08 45.25 8.5 6.02 5.83 6.60 Dec 12,415 1.6 SDS MetLife, Inc. MET N 3 AG 48.79 NM 58.23 44.49 8.2 5.74 5.98 6.25 Dec 54,489 3.1 SDS Primerica, Inc. PRI N 1 AG 42.37 54.00 55.77 40.36 11.7 3.31 3.63 4.20 Dec 2,123 1.5 SDS Principal Financial Group Inc. PFG N 2 AG 50.07 59.50 58.02 46.01 11.6 4.41 4.33 4.65 Dec 14,756 3.0 SDS Prudential Financial, Inc. PRU N 1 AG 77.46 105.00 94.30 74.05 7.4 9.21 10.45 10.25 Dec 35,004 3.0 SDS Reinsurance Group of America, Inc. RGA N 3 G 88.64 NM 98.70 72.34 10.8 9.12 8.22 9.15 Dec 5,886 1.7 SDS StanCorp Financial Group SFG N 3 AG 113.37 NM 114.77 60.17 19.9 5.01 5.70 5.85 Dec 4,784 1.1 SDS Symetra Financial Corp. SYA N 3 AG 31.24 NM 31.92 20.23 17.9 1.95 1.75 2.06 Dec 3,627 1.4 SDS Torchmark Corporation TMK N 4 NM 57.55 NM 63.26 49.71 13.6 4.03 4.23 4.60 Dec 7,205 0.9 SDS Unum Group UNM N 2 G 32.85 40.00 38.15 29.81 9.2 1.74 3.58 3.77 Dec 8,196 2.3 SDS Voya Financial Inc. VOYA N 2 AG 41.24 52.00 48.30 33.94 12.5 3.14 3.30 3.47 Dec 9,926 0.1 SDS

Non-Life Insurance ACE Limited ACE N 2 AG 101.85 115.00 117.89 96.00 11.1 9.80 9.15 9.25 Dec 32,980 2.6 CGP Allstate Corporation ALL N 1 TR 57.40 78.00 72.87 54.12 11.4 5.42 5.05 5.85 Dec 23,477 2.1 CGP American Financial Group, Inc. AFG N 2 AG 68.22 77.00 73.65 54.63 12.6 4.82 5.40 5.40 Dec 5,969 1.5 CGP Argo Group International Holdings, Ltd. AGII Q 1 AG 55.79 70.00 59.41 44.88 14.9 3.22 3.75 3.85 Dec 1,557 1.4 CGP Blue Capital Reinsurance Holdings Ltd. BCRH N 2 HR 16.28 19.00 18.35 14.98 8.8 1.71 1.85 1.50 Dec 143 9.6 CGP Chubb Corporation CB N 2 TR 120.49 132.00 129.44 90.22 16.0 7.65 7.55 7.45 Dec 27,689 1.9 CGP Federated National Holding Company FNHC Q 1 HR 21.77 36.00 37.04 20.23 9.5 2.74 2.30 2.40 Dec 299 0.7 CGP Hallmark Financial Services Inc HALL Q 3 AG 11.15 NM 12.67 9.24 12.4 0.69 0.90 0.80 Dec 214 0.0 CGP HCC Insurance Holdings HCC N 4 NM 77.11 NM 77.99 47.11 19.8 4.01 3.90 4.05 Dec 7,379 1.5 CGP Infinity Property and Casualty Corporation IPCC Q 2 AG 77.82 84.00 87.89 62.19 17.7 4.71 4.40 4.70 Dec 887 2.2 CGP Mercury General Corporation MCY N 4 NM 51.21 NM 60.31 48.25 21.8 2.28 2.35 2.60 Dec 2,822 4.8 CGP National Interstate Corporation NATL Q 3 HR 27.48 NM 30.54 24.60 19.6 0.40 1.40 1.60 Dec 545 1.9 CGP Old Republic International Corp. ORI N 2 TR 15.48 17.00 16.90 13.43 12.9 0.84 1.20 1.20 Dec 3,983 4.8 CGP ProAssurance Corp. PRA N 3 AG 48.49 NM 50.54 43.11 18.0 3.15 2.70 2.45 Dec 2,604 2.6 CGP Progressive Corporation PGR N 2 AG 29.51 34.00 31.57 24.16 15.5 1.91 1.90 1.93 Dec 17,290 2.3 CGP The Travelers Companies, Inc. TRV N 3 TR 100.00 NM 110.49 90.83 10.2 10.55 9.85 9.55 Dec 31,120 2.4 CGP United Insurance Holdings Corp. UIHC Q 2 HR 13.18 16.00 28.43 12.86 27.5 2.07 0.48 1.10 Dec 279 1.5 CGP


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Financial Services - USA Specialty Finance Investment Companies Alcentra Capital Corporation (ni) ABDC Q 1 HR 11.74 16.00 14.44 10.01 8.0 0.86 1.47 1.48 Dec 158 11.6 RD Apollo Investment Corp. (ni) AINV Q 3 HR 6.38 NM 8.87 6.10 7.5 0.90 0.96 A 0.85 Mar 1,510 12.5 RD Ares Capital Corp. (ni) ARCC Q 3 HR 14.91 NM 17.68 11.01 10.1 1.43 1.47 1.58 Dec 4,689 10.2 RD CM Finance Inc. (ni) CMFN Q 1 HR 10.90 16.00 14.70 9.64 7.3 0.64 1.49 1.42 Jun 149 12.8 RD Compass Diversified Holdings (y) CODI N 2 HR 16.29 18.50 18.60 9.70 10.9 1.18 1.49 1.46 Dec 787 8.8 RD Fidus Investment Corporation (ni) FDUS Q 1 HR 14.05 20.00 18.85 7.49 9.0 1.62 1.56 1.77 Dec 194 11.1 RD Fifth Street Finance Corp. (ni) FSC Q 3 HR 6.20 NM 9.89 6.01 7.5 1.00 0.83 0.83 Sep 950 11.6 RD Goldman Sachs BDC, Inc. (ni) GSBD N 3 HR 22.60 NM 25.42 17.15 11.6 1.77 1.95 2.05 Dec 800 8.0 RD Golub Capital BDC, Inc. (ni) GBDC Q 2 HR 16.48 18.00 18.43 15.92 13.5 1.25 1.22 1.25 Sep 845 7.8 RD Hercules Technology Growth Capital Inc. (ni) HTGC N 2 HR 10.98 15.00 16.20 10.66 10.8 1.16 1.02 1.38 Dec 796 11.3 RD Horizon Technology Finance Corporation (ni) HRZN Q 3 HR 10.05 NM 14.59 9.76 8.3 1.11 1.21 1.41 Dec 117 13.7 RD Main Street Capital Corp (ni) MAIN N 2 HR 27.77 34.00 33.15 26.42 12.6 2.20 2.20 2.27 Dec 1,102 7.6 RD Prospect Capital Corporation (ni) PSEC Q 3 HR 7.04 NM 10.49 5.30 6.8 1.19 1.03 1.02 Jun 1,816 14.2 RD Stellus Capital Investment Corporation (ni) SCM N 2 HR 10.96 14.50 14.60 9.60 8.2 1.34 1.34 1.38 Dec 137 12.4 RD TCP Capital Corp. (ni) TCPC Q 2 HR 15.23 19.00 17.71 14.11 9.5 1.59 1.60 1.64 Dec 472 9.5 RD THL Credit, Inc. (ni) TCRD Q 2 HR 12.25 14.00 14.30 10.71 8.8 1.42 1.40 1.41 Dec 412 11.1 RD Triangle Capital Corporation (ni) TCAP N 2 HR 19.18 25.00 27.61 16.96 9.2 2.08 2.09 2.32 Dec 535 11.3 RD

Specialty Consumer Finance Credit Acceptance Corp. CACC Q 3 AG 195.68 NM 277.98 122.33 14.0 11.93 13.95 14.48 Dec 4,031 0.0 RD Encore Capital Group Inc. ECPG Q 2 AG 38.84 51.00 46.18 36.40 7.5 4.52 5.20 5.63 Dec 980 0.0 RD PRA Group Inc. PRAA Q 3 AG 53.25 NM 65.00 47.84 11.9 3.80 4.49 4.97 Dec 2,574 0.0 RD Springleaf Holdings, Inc. LEAF N 3 AG 43.39 NM 54.34 31.35 19.8 2.07 2.19 2.24 Dec 5,835 0.0 RD


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Financial Services - CAN Michael Overvelde, CFA, CPA, CA [email protected]

Diversified Financials easyhome Ltd. EH T 2 AG C$15.47 29.50 24.95 13.65 9.7 1.34 1.59 2.45 Dec 209 2.6 MO Element Financial Corporation EFN T 2 G C$18.65 24.00 20.47 11.50 17.9 0.57 1.04 1.70 Dec 5,060 0.0 MO

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Financial Services - LAT Federico Rey Marino [email protected] Fernando Suarez [email protected]

Latin American Banking Banco Macro S.A. (ed, r) BMA N 2 G US$43.27 72.00 67.00 28.03 5.4 7.41 8.05 6.71 Dec 2,531 2.6 FRM,FS BBVA Banco Frances (ed, r) BFR N 2 G US$15.41 22.00 24.74 8.99 6.4 2.24 2.41 2.20 Dec 2,758 1.6 FRM,FS Grupo Financiero Galicia (ed, r) GGAL Q 2 G US$18.57 30.00 26.13 10.33 5.9 3.16 3.15 2.60 Dec 2,414 0.4 FRM,FS


Healthcare

USA

Alternate Site Healthcare Providers ........................... 46

Animal Health ............................................................. 46

Benefits Management ................................................ 46

Health Benefits Management ................................. 46

Pharmacy Benefits Management ............................ 46

Clinical Laboratories ................................................... 46

Death Care .................................................................. 47

Diagnostics.................................................................. 47

Drug Distributors ........................................................ 47

Drug Stores ................................................................. 47

Healthcare Information Technology ........................... 47

Hospital Supplies & Equipment .................................. 48

Hospitals ..................................................................... 48

Medical Devices .......................................................... 48

Pharma Services ......................................................... 49

Specialty Pharmaceuticals .......................................... 49


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Healthcare - USA John W. Ransom [email protected] Michael J. Baker [email protected]

Jayson Bedford [email protected] Nicholas Jansen [email protected]

Lawrence Keusch [email protected] Elliot Wilbur, CFA [email protected]

Alternate Site Healthcare Providers AAC Holdings, Inc. AAC N 2 VR 21.60 35.00 46.60 15.09 24.5 0.36 0.88 1.48 Dec 464 0.0 JWR Acadia Healthcare Co. ACHC Q 2 AG 70.41 95.00 85.62 46.87 32.4 1.54 2.17 2.71 Dec 4,837 0.0 JWR,NJ Amedisys AMED Q 4 NM 38.52 NM 48.34 19.03 27.1 0.73 1.42 1.65 Dec 1,252 0.0 JWR,NJ AmSurg Corporation AMSG Q 1 AG 79.03 85.00 87.21 47.68 22.1 2.75 3.57 4.17 Dec 4,046 0.0 JWR,NJ Capital Senior Living Corp. CSU N 1 AG 20.91 31.00 27.75 20.11 20.7 0.99 1.01 1.48 Dec 600 0.0 JWR,NJ Civitas Solutions, Inc. CIVI N 1 HR 24.54 29.00 26.13 11.88 47.2 0.00 0.52 0.80 Sep 910 0.0 JWR DaVita HealthCare Partners Inc. DVA N 3 AG 76.12 NM 85.17 71.50 20.3 3.64 3.75 4.10 Dec 16,564 0.0 JWR,NJ HealthSouth Corporation HLS N 2 AG 42.37 53.00 48.37 35.84 18.7 2.10 2.27 2.86 Dec 3,962 2.2 JWR,NJ MEDNAX, Inc. MD N 2 AG 79.58 92.00 86.09 49.82 22.0 3.17 3.62 4.09 Dec 7,483 0.0 JWR,NJ

Animal Health Abaxis, Inc. ABAX Q 3 AG 46.96 NM 66.89 44.07 36.1 0.72 0.91 A 1.30 Mar 1,075 0.9 NJ Heska Corporation HSKA Q 2 AG 34.15 38.00 35.63 11.89 65.7 0.41 0.52 0.80 Dec 217 0.0 NJ IDEXX Laboratories Inc IDXX Q 2 AG 71.93 78.00 84.26 56.75 34.3 1.85 2.10 2.25 Dec 6,783 0.0 NJ VCA Inc. WOOF Q 2 AG 55.64 67.00 62.45 36.80 23.7 1.89 2.35 2.75 Dec 4,596 0.0 NJ

Benefits Management Health Benefits Management Aetna AET N 3 AG 115.42 NM 134.40 71.81 15.3 6.70 7.54 8.20 Dec 40,235 0.9 MJB Anthem ANTM N 3 G 142.16 NM 173.59 108.92 13.8 8.85 10.29 11.00 Dec 53,921 1.8 MJB Centene CNC N 3 AG 62.85 NM 83.00 37.29 22.2 2.23 2.83 3.25 Dec 7,485 0.0 MJB CIGNA Corporation CI N 3 AG 137.55 NM 170.68 85.75 15.9 7.43 8.65 9.28 Dec 38,170 0.0 MJB Humana HUM N 3 G 180.73 NM 219.79 121.04 23.2 7.51 7.79 9.20 Dec 26,774 0.6 MJB Insperity NSP N 3 AG 45.80 NM 55.42 27.01 20.3 1.45 2.26 2.52 Dec 1,172 1.9 MJB Magellan Health MGLN Q 3 AG 55.70 NM 73.00 52.37 32.2 2.90 1.73 2.53 Dec 1,543 0.0 MJB Molina Healthcare MOH N 3 AG 74.54 NM 82.37 40.79 28.2 1.44 2.64 3.60 Dec 4,178 0.0 MJB UnitedHealth Group UNH N 1 G 113.46 150.00 126.21 80.72 17.9 5.70 6.33 7.38 Dec 122,877 1.8 MJB Universal American Corp. UAM N 4 NM 6.92 NM 11.16 6.73 57.7 0.08 0.12 0.26 Dec 581 0.0 MJB WellCare Health Plans WCG N 3 HR 86.25 NM 97.58 55.43 24.9 2.06 3.47 4.75 Dec 3,709 0.0 MJB

Pharmacy Benefits Management Express Scripts ESRX Q 3 AG 84.10 NM 94.61 68.06 15.3 4.88 5.50 6.04 Dec 56,826 0.0 MJB

Clinical Laboratories Laboratory Corporation of America Holdings LH N 2 AG 117.80 150.00 131.19 95.61 14.9 6.80 7.90 8.85 Dec 11,874 0.0 NJ Quest Diagnostics Inc. DGX N 3 G 67.71 NM 89.00 56.27 14.1 4.50 4.80 5.15 Dec 9,750 2.2 NJ


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Healthcare - USA Death Care Carriage Services, Inc. (rf) CSV N 1 G 22.23 31.00 25.65 17.18 9.3 2.07 2.39 2.67 Dec 409 0.4 JWR,NJ Service Corporation International (rf) SCI N 1 AG 29.19 34.00 32.02 19.74 17.3 1.30 1.69 1.85 Dec 6,034 1.4 JWR,NJ StoneMor Partners L.P. (y) STON N 1 TR 26.48 32.00 32.06 22.04 10.3 2.30 2.58 2.95 Dec 842 9.8 JWR,NJ

Diagnostics Alere, Inc. ALR N 1 AG 51.28 62.00 55.99 34.74 21.1 1.89 2.43 2.87 Dec 4,387 0.0 NJ CareDx, Inc. CDNA Q 2 VR 6.50 8.00 10.89 4.60 NM (0.10) (0.90) (0.78) Dec 77 0.0 NJ Cepheid CPHD Q 2 AG 48.62 67.00 63.69 38.97 NM (0.72) (0.50) (0.11) Dec 3,495 0.0 NJ GenMark Diagnostics, Inc. GNMK Q 2 AG 9.46 13.50 14.40 7.57 NM (0.93) (1.12) (1.09) Dec 398 0.0 NJ Genomic Health GHDX Q 4 NM 25.95 NM 37.75 23.00 NM (0.78) (0.78) 0.01 Dec 838 0.0 NJ Meridian Bioscience, Inc. VIVO Q 4 NM 18.25 NM 20.28 15.56 21.2 0.83 0.86 0.90 Sep 767 4.4 NJ OraSure Technologies, Inc. OSUR Q 2 AG 5.05 8.00 10.93 4.42 NM (0.08) 0.05 0.10 Dec 286 0.0 NJ Quidel Corporation QDEL Q 2 AG 20.57 27.00 29.38 18.23 NM (0.21) (0.08) 0.22 Dec 712 0.0 NJ

Drug Distributors AmerisourceBergen Corp. ABC N 2 G 100.61 130.00 120.68 74.32 20.3 3.97 4.96 5.60 Sep 23,271 1.2 JWR,NJ Cardinal Health Inc. CAH N 2 G 83.55 95.00 91.91 71.72 16.6 3.84 4.38 A 5.03 Jun 27,822 1.9 JWR,NJ McKesson Corporation MCK N 1 G 197.89 265.00 243.61 160.10 15.6 8.60 11.11 A 12.70 Mar 46,504 0.6 JWR,NJ

Drug Stores CVS Health CVS N 2 G 102.87 120.00 113.65 77.40 19.9 4.49 5.16 6.00 Dec 115,009 1.4 JWR,MJB Rite Aid Corporation RAD N 3 HR 7.96 NM 9.47 4.42 46.8 0.23 2.08 A 0.17 Feb 8,191 0.0 JWR,NJ Walgreens Boots Alliance Inc. WBA Q 2 G 85.41 105.00 97.30 58.39 22.5 3.28 3.80 4.50 Aug 94,156 1.7 JWR,NJ

Healthcare Information Technology The Advisory Board Company ABCO Q 2 AG 49.71 64.00 60.38 37.47 36.6 1.33 1.36 1.70 Dec 2,115 0.0 NJ Allscripts Healthcare Solutions Inc. MDRX Q 2 AG 13.57 17.00 15.41 11.00 29.5 0.31 0.46 0.55 Dec 2,592 0.0 NJ athenahealth Inc. ATHN Q 3 AG 131.42 NM 153.25 107.88 NM 1.31 1.20 1.50 Dec 5,075 0.0 NJ Cerner Corporation CERN Q 2 AG 61.63 80.00 75.72 55.75 29.3 1.65 2.10 2.50 Dec 21,253 0.0 NJ Computer Programs and Systems, Inc. CPSI Q 3 AG 45.14 NM 64.86 43.10 21.5 2.97 2.10 2.50 Dec 510 5.7 NJ Connecture Inc. CNXR Q 1 AG 6.38 12.00 14.39 5.68 NM (10.27) (0.28) 0.24 Dec 138 0.0 NJ HealthStream, Inc. HSTM Q 3 AG 24.44 NM 32.41 22.66 NM 0.37 0.23 0.33 Dec 773 0.0 NJ MedAssets MDAS Q 3 AG 20.76 NM 23.90 17.00 16.9 1.35 1.23 1.12 Dec 1,246 0.0 NJ Premier, Inc. PINC Q 2 AG 34.36 42.00 39.81 29.29 21.7 1.30 1.43 A 1.58 Jun 4,949 0.0 NJ Press Ganey Holdings, Inc. PGND N 2 AG 30.23 36.50 32.93 25.72 32.9 0.75 0.92 1.03 Dec 1,589 0.0 NJ Quality Systems Inc. QSII Q 3 AG 13.21 NM 18.75 12.00 20.3 0.70 0.62 A 0.65 Mar 797 5.3 NJ WebMD Health Corp WBMD Q 1 AG 41.41 50.00 49.32 34.48 30.0 0.97 1.38 1.56 Dec 1,526 0.0 NJ


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Healthcare - USA Hospital Supplies & Equipment Baxter International Inc. BAX N 3 G 37.67 NM 43.44 34.50 14.5 4.90 2.59 1.39 Dec 20,538 1.2 LK Becton, Dickinson and Company BDX N 1 G 139.94 170.00 154.98 112.15 19.7 6.50 7.11 8.45 Sep 29,423 1.7 LK C.R. Bard, Inc. BCR N 2 G 189.44 202.00 202.47 141.49 20.8 8.40 9.09 10.10 Dec 15,155 0.5 LK The Cooper Companies, Inc. COO N 2 AG 161.27 200.00 190.00 143.62 21.4 7.29 7.55 8.80 Oct 7,836 0.0 LK Haemonetics Corporation HAE N 3 AG 35.98 NM 45.43 33.75 17.6 2.19 1.85 A 2.05 Mar 1,859 0.0 LK Halyard Health Inc. HYH N 3 AG 30.43 NM 53.85 28.27 15.4 4.11 1.98 2.14 Dec 1,418 0.0 LK Hill-Rom Holdings, Inc. HRC N 3 G 52.84 NM 57.95 39.58 20.9 2.25 2.53 2.82 Sep 2,997 1.2 LK Intuitive Surgical, Inc. ISRG Q 2 AG 508.45 585.00 564.86 449.34 29.2 16.10 17.44 20.99 Dec 18,813 0.0 LK Masimo Corp. MASI Q 1 AG 40.85 50.00 46.00 20.48 28.6 1.30 1.43 1.65 Dec 2,083 0.0 LK Stericycle Inc. SRCL Q 3 AG 139.25 NM 148.87 114.26 29.8 4.27 4.67 5.38 Dec 11,812 0.0 LK Steris Corp. STE N 2 G 62.90 74.00 71.39 52.29 19.4 2.48 2.99 A 3.25 Mar 3,754 1.6 LK Teleflex, Inc. TFX N 2 G 127.82 150.00 140.50 101.95 20.4 5.74 6.28 7.14 Dec 5,316 1.1 LK TransEnterix, Inc. TRXC M 2 VR 2.41 5.50 4.87 1.40 NM (0.64) (0.52) (0.36) Dec 152 0.0 LK

Hospitals Community Health Systems, Inc. CYH N 2 HR 52.42 70.00 65.00 44.74 13.3 3.30 3.95 4.35 Dec 6,081 0.0 JWR,NJ HCA Holdings, Inc. HCA N 2 AG 86.95 105.00 95.49 43.91 16.4 4.70 5.30 5.65 Dec 37,336 0.0 JWR,NJ LifePoint Health, Inc. LPNT Q 3 AG 77.99 NM 88.18 62.95 20.1 3.45 3.88 4.05 Dec 3,619 0.0 JWR,NJ Tenet Healthcare Corporation THC N 2 AG 47.39 65.00 63.61 41.47 22.0 1.43 2.15 2.26 Dec 4,692 0.0 JWR,NJ Universal Health Services, Inc. UHS N 2 G 136.90 160.00 148.57 95.63 19.4 5.78 7.05 7.45 Dec 13,813 0.3 JWR,NJ

Medical Devices Abbott Laboratories ABT N 2 G 43.98 57.00 51.74 39.28 20.5 1.98 2.15 2.43 Dec 66,146 2.2 JB Abiomed Inc. ABMD Q 3 HR 97.29 NM 110.68 21.84 NM 0.18 0.64 A 0.67 Mar 4,022 0.0 JB AngioDynamics ANGO Q 2 AG 14.79 18.00 19.80 13.13 23.1 0.56 0.58 A 0.64 May 541 0.0 JB Boston Scientific Corp. BSX N 2 AG 16.37 21.00 18.62 11.10 18.2 0.84 0.90 1.05 Dec 21,971 0.0 JB DexCom Inc. DXCM Q 2 HR 91.53 100.00 98.85 38.77 NM (0.30) (0.22) 0.12 Dec 7,286 0.0 JB Heartware International, Inc. HTWR Q 2 AG 81.91 102.00 95.59 69.05 NM (1.14) (3.79) (1.51) Dec 1,417 0.0 JB Hologic Inc. HOLX Q 3 AG 38.72 NM 43.00 22.70 23.3 1.46 1.66 1.83 Sep 11,329 0.0 JB Hospira, Inc. HSP N 3 AG 89.84 NM 90.63 46.56 25.2 2.59 3.56 3.84 Dec 15,821 0.0 JB ICU Medical, Inc. ICUI Q 1 AG 113.28 120.00 124.69 60.92 31.3 2.38 3.62 3.77 Dec 1,858 0.0 JB Insulet PODD Q 3 HR 29.16 NM 47.97 24.95 NM (0.19) (0.76) (0.72) Dec 1,658 0.0 JB Integra LifeSciences Corp. IART Q 2 AG 59.71 71.00 66.30 42.08 19.7 2.79 3.03 3.38 Dec 2,000 0.0 JB Johnson & Johnson JNJ N 2 TR 95.11 111.00 109.49 81.79 15.4 6.39 6.16 6.37 Dec 267,449 3.2 JB Merit Medical Systems Inc. MMSI Q 1 AG 22.22 27.00 26.42 11.61 24.4 0.78 0.91 1.03 Dec 989 0.0 JB Natus Medical Inc. BABY Q 2 AG 40.48 49.00 46.98 27.70 27.0 1.26 1.50 1.74 Dec 1,344 0.0 JB RTI Surgical Inc. RTIX Q 3 HR 6.19 NM 7.48 3.50 28.1 0.11 0.22 0.26 Dec 364 0.0 JB Thoratec Corp. THOR Q 3 AG 62.68 NM 63.51 24.33 44.1 1.40 1.42 1.57 Dec 3,466 0.0 JB


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Healthcare - USA Pharma Services Catalent, Inc. CTLT N 2 AG 31.57 33.00 34.42 21.02 19.6 NA 1.61 1.82 Jun 3,921 0.0 JWR,MJB Charles River Laboratories CRL N 3 AG 68.39 NM 84.69 55.47 18.7 3.46 3.65 4.10 Dec 3,204 0.0 MJB Diplomat Pharmacy, Inc. DPLO N 2 AG 38.32 55.00 52.33 15.04 64.9 0.49 0.59 0.90 Dec 2,502 0.0 JWR ICON plc ICLR Q 3 AG 78.95 NM 84.14 49.51 20.0 2.87 3.95 4.74 Dec 4,783 0.0 MJB INC Research Holdings INCR Q 2 AG 41.73 53.00 51.69 19.61 23.3 0.83 1.79 2.08 Dec 2,347 0.0 MJB PAREXEL PRXL Q 3 AG 67.99 NM 76.17 52.19 21.4 2.17 2.79 A 3.18 Jun 3,751 0.0 MJB Quintiles Transnational Holdings Q N 1 AG 73.32 89.00 80.45 51.09 23.1 2.70 3.17 3.68 Dec 8,992 0.0 MJB

Specialty Pharmaceuticals Akorn, Inc. AKRX Q 2 AG 39.01 53.00 57.10 33.00 19.7 1.16 1.98 2.35 Dec 4,359 0.0 EW Allergan plc AGN N 2 AG 305.98 344.00 340.34 208.64 17.2 13.98 17.82 21.11 Dec 120,281 0.0 EW Amphastar Pharmaceuticals, Inc. AMPH Q 1 HR 13.53 23.00 18.30 9.76 NM (0.25) (0.55) (0.35) Dec 613 0.0 EW Endo International plc ENDP Q 3 AG 76.38 NM 96.58 57.14 17.0 4.30 4.50 4.92 Dec 15,904 0.0 EW Impax Laboratories, Inc. IPXL Q 4 NM 43.43 NM 52.10 22.25 35.6 1.31 1.22 1.86 Dec 3,118 0.0 EW Lannett Company, Inc. LCI N 2 AG 50.09 63.00 72.44 37.19 13.1 2.00 4.04 A 3.81 Jun 1,810 0.0 EW Mylan N.V. MYL Q 3 AG 51.13 NM 76.69 44.80 12.3 3.56 4.17 4.61 Dec 25,125 0.0 EW Perrigo Company PLC PRGO N 3 G 183.76 NM 215.73 135.00 23.6 6.27 7.78 8.98 Dec 25,873 0.3 EW Sagent Pharmaceuticals, Inc. SGNT Q 1 AG 19.53 30.00 33.60 18.75 NM 0.46 (0.05) 0.48 Dec 638 0.0 EW Teva Pharmaceutical Industries, Ltd. (r) TEVA N 3 TR 64.82 NM 72.31 47.36 12.2 5.07 5.33 5.38 Dec 55,227 2.1 EW


Industrial

USA Canada Europe

Specialty Distribution ................................................. 51

Waste and Industrial Services ..................................... 51

Industrial Services.................................................... 51

Waste Services ........................................................ 51

Aerospace & Aviation ................................................. 52

Chemicals ................................................................... 52

Diversified Income Corps. ........................................... 52

Infrastructure & Construction .................................... 52

Asset Ownership & Management ........................... 52

Construction ............................................................ 52

Engineering ............................................................. 52

Machinery ............................................................... 53

Related Products & Services.................................... 53

Special Situations ....................................................... 53

Aerospace & Defence .................................................. 54

Commercial Aerospace ............................................ 54

Defence .................................................................... 54

Infrastructure & Construction ..................................... 54

Building Products ..................................................... 54

Construction Groups ................................................ 54

Electrical Equipment ................................................ 54

Infrastructure Operators .......................................... 54

Specialty Distribution .................................................. 54


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Industrial - USA Patrick Tyler Brown, CFA [email protected] Sam Darkatsh [email protected]

J. Marshall Adkins [email protected] Budd Bugatch, CFA [email protected]

Specialty Distribution Airgas, Inc. ARG N 3 G 95.22 NM 119.00 92.51 19.2 4.72 4.85 A 4.95 Mar 7,175 2.5 SD Beacon Roofing Supply, Inc. BECN Q 2 AG 34.73 40.00 36.74 23.04 26.5 1.08 1.31 1.64 Sep 1,719 0.0 SD,BB Fastenal Company FAST Q 3 AG 38.08 NM 48.43 36.73 21.0 1.66 1.81 2.00 Dec 11,112 2.9 SD,BB HD Supply Holdings Inc. HDS Q 3 AG 31.78 NM 36.81 22.18 18.9 0.90 1.68 2.62 Jan 6,305 0.0 SD,BB Houston Wire & Cable Company HWCC Q 3 AG 7.21 NM 14.00 7.00 18.5 0.85 0.39 0.47 Dec 123 6.7 SD,BB LKQ Corporation LKQ Q 2 AG 29.07 33.00 32.25 22.90 20.2 1.27 1.44 1.70 Dec 8,924 0.0 SD MRC Global MRC N 3 AG 11.16 NM 25.44 10.20 26.0 1.40 0.43 0.43 Dec 1,147 0.0 SD,BB MSC Industrial Direct MSM N 2 AG 65.78 75.00 91.91 64.50 17.3 3.93 3.81 4.10 Aug 4,039 2.4 SD,BB NOW Inc. DNOW N 3 AG 15.35 NM 33.21 14.00 NM 1.06 (0.45) 0.09 Dec 1,642 0.0 SD,JMA Praxair, Inc. PX N 1 TR 104.05 140.00 134.06 101.01 17.8 6.27 5.83 6.45 Dec 29,807 2.7 SD W.W. Grainger, Inc. GWW N 3 G 217.67 NM 261.57 194.42 18.1 12.26 12.00 13.00 Dec 14,649 2.2 SD,BB WESCO International WCC N 3 AG 52.01 NM 86.92 50.92 11.4 5.18 4.56 5.15 Dec 2,699 0.0 SD,BB

Waste and Industrial Services Industrial Services Clean Harbors CLH N 3 AG 47.29 NM 61.32 43.05 24.0 1.53 1.97 1.89 Dec 2,776 0.0 TB

Waste Services Casella Waste Systems, Inc. CWST Q 2 VR 6.01 7.50 6.53 3.41 NM (0.03) (0.16) 0.02 Dec 246 0.0 TB Covanta Holding Corp. CVA N 1 AG 19.48 24.00 25.35 18.75 97.4 0.35 0.20 0.33 Dec 2,571 5.1 TB Progressive Waste Solutions Ltd. BIN N 1 AG 26.72 31.00 31.47 23.93 20.7 1.33 1.29 1.48 Dec 2,963 1.9 TB Republic Services, Inc. RSG N 1 G 40.92 46.00 43.71 37.18 20.1 1.96 2.04 2.19 Dec 14,404 2.9 TB U.S. Ecology, Inc. ECOL Q 2 AG 47.70 52.00 52.99 38.42 25.8 2.02 1.85 2.15 Dec 1,035 1.5 TB Waste Connections, Inc. WCN N 2 AG 46.57 53.00 51.10 42.05 23.8 2.04 1.96 2.20 Dec 5,748 1.1 TB Waste Management, Inc. WM N 3 TR 49.50 NM 55.93 45.50 19.4 2.48 2.55 2.73 Dec 22,366 3.1 TB


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Industrial - CAN Ben Cherniavsky [email protected] Frederic Bastien, CFA [email protected]

Steve Hansen, CMA, CFA [email protected] Theoni Pilarinos, CFA [email protected]

Daryl Swetlishoff, CFA [email protected] David Quezada, CFA (Associate Analyst) [email protected]

Aerospace & Aviation Bombardier Inc. (f) BBD.B T 3 AG C$1.17 2.25 4.43 1.03 5.8 0.35 0.20 0.11 Dec 2,490 0.0 SH,BC CAE Inc. (f) CAE T 3 G C$14.21 16.00 16.53 13.15 16.7 0.71 0.76 A 0.85 Mar 3,808 2.0 BC Héroux-Devtek Inc. (f) HRX T 2 G C$11.25 14.50 11.94 9.50 16.8 0.48 0.55 A 0.67 Mar 405 0.0 BC

Chemicals Canexus Corporation CUS T 3 AG C$1.10 1.80 5.46 1.03 2.8 (1.39) 0.39 0.19 Dec 205 3.6 SH Chemtrade Logistics Income Fund CHE.UN T 2 TR C$18.28 23.00 22.33 16.55 35.2 0.27 0.52 0.82 Dec 1,261 6.6 SH Methanex MEOH Q 2 AG US$37.59 55.00 70.89 35.34 21.4 4.13 1.76 4.75 Dec 3,432 2.9 SH Superior Plus Corporation SPB T 2 AG C$11.09 13.00 14.95 10.15 11.9 0.24 0.93 1.60 Dec 1,400 6.5 SH

Diversified Income Corps. Alaris Royalty Corp. AD T 2 HR C$26.54 37.00 37.20 25.50 14.1 1.60 1.88 2.01 Dec 868 5.9 TP Exchange Income Corp EIF T R AG C$25.04 R 26.95 14.55 R R R R Dec R R TP,SH Grenville Strategic Royalty Corp. GRC V 2 VR C$0.60 1.00 0.95 0.46 12.0 0.00 0.05 0.09 Dec 80 8.3 DQ Mosaic Capital Corporation (cb) M V 3 AG C$7.00 11.50 14.95 6.00 NM 25 28 37 Dec 57 5.7 TP

Infrastructure & Construction Asset Ownership & Management Brookfield Infrastructure Partners L.P. (x) BIP N 2 TR US$38.97 50.00 46.95 36.66 11.0 3.45 3.55 4.30 Dec 10,725 5.4 FB Brookfield Renewable Energy Partners L.P. (x) BEP N 2 TR US$27.91 34.00 33.63 26.11 13.3 2.03 2.10 2.60 Dec 7,695 5.9 FB Pattern Energy Group Inc. (ca) PEGI Q 2 TR US$21.39 29.00 33.15 19.75 17.8 1.47 1.20 2.30 Dec 1,594 6.8 FB

Construction Aecon Group ARE T 1 AG C$12.10 17.50 16.70 9.51 11.0 0.26 1.10 1.10 Dec 787 3.3 FB Bird Construction Inc. BDT T 3 AG C$11.43 11.00 15.12 9.28 13.4 0.85 0.85 0.75 Dec 486 6.6 FB North American Energy Partners NOA T 2 HR C$2.63 4.00 7.54 2.10 NM (0.02) (0.09) 0.10 Dec 87 3.0 BC Stuart Olson Inc. SOX T 2 AG C$5.55 9.00 10.70 4.51 13.9 0.28 0.40 0.60 Dec 146 8.6 FB

Engineering IBI Group Inc. IBG T 3 HR C$1.87 2.00 2.95 1.32 7.5 0.26 0.25 0.30 Dec 43 NM FB SNC-Lavalin SNC T 3 G C$38.63 43.00 56.80 35.89 22.1 8.74 1.75 2.85 Dec 5,860 2.6 FB Stantec Inc STN T 2 G C$30.71 36.50 38.14 28.78 16.6 1.74 1.85 2.15 Dec 2,917 1.4 BC,FB WSP Global Inc. WSP T R TR C$41.91 R 48.66 31.02 R R R R Dec R R FB


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Industrial - CAN Machinery Caterpillar Inc. CAT N 3 G US$73.87 83.00 109.73 70.23 15.0 6.38 4.93 5.10 Dec 45,135 4.2 TP,BC Cervus Equipment Corp. CVL T 3 G C$13.00 16.00 20.84 12.71 15.1 1.15 0.86 1.30 Dec 200 6.5 BC Finning International FTT T 2 G C$21.03 26.00 34.34 18.57 12.8 1.96 1.64 1.85 Dec 3,630 3.5 BC Joy Global Inc. JOY N 3 G US$22.93 44.50 64.61 22.55 9.2 3.30 2.50 2.75 Oct 2,247 3.5 TP,BC Ritchie Bros. Auctioneers RBA N 2 G US$27.91 33.25 30.85 21.58 23.5 0.86 1.19 1.30 Dec 2,986 2.1 BC Rocky Mountain Dealerships Inc. RME T 3 G C$6.08 9.00 11.30 5.82 9.1 0.98 0.67 0.75 Dec 118 7.6 BC Strongco Corp. SQP T 3 AG C$2.01 2.40 3.64 2.01 40.2 (0.43) 0.05 0.24 Dec 27 0.0 BC Toromont Industries TIH T 2 G C$35.58 37.50 37.61 24.83 18.2 1.71 1.96 2.15 Dec 2,789 1.9 BC Wajax Corp. WJX T 3 G C$20.20 24.00 38.90 18.50 10.1 2.42 2.00 2.30 Dec 360 5.0 BC

Related Products & Services Canam Group CAM T 2 AG C$13.34 19.00 15.00 9.09 12.1 0.70 1.10 1.35 Dec 638 1.2 FB Ovivo Inc. OVI.A T 2 AG C$1.50 2.25 3.28 1.22 50.0 (0.60) (0.76) A 0.03 Mar 66 NM FB Russel Metals RUS T 2 TR C$19.44 25.00 37.11 18.23 16.9 1.95 1.15 1.65 Dec 1,201 7.8 FB WesternOne Inc. WEQ T 3 HR C$0.38 0.60 8.63 0.32 NM 0.55 (0.27) (0.15) Dec 15 NM FB ZCL Composites ZCL T 2 AG C$5.70 7.50 7.95 5.00 13.9 0.54 0.41 0.54 Dec 176 3.2 BC

Special Situations Boyd Group Income Fund (cb) BYD.UN T 2 G C$60.25 68.00 65.43 36.45 NM 69 96 108 Dec 988 0.8 TP DIRTT Environmental Solutions Ltd. DRT T 1 AG C$5.35 10.00 9.19 3.12 26.7 0.08 0.20 0.45 Dec 468 0.0 DQ,DS Tree Island Steel Ltd. TSL T 2 HR C$3.10 4.50 3.73 1.61 13.5 0.03 0.23 0.46 Dec 96 1.3 DQ Whistler Blackcomb Holdings Inc. (cb) WB T 2 TR C$21.14 23.00 22.11 17.55 NM 93 93 106 Sep 803 4.6 TP


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Industrial - EUR Harry Breach, RJFI [email protected] Emmanuel Retif, RJEE [email protected]

Aerospace & Defence Commercial Aerospace Airbus Group AIR.PA EPA 1 €55.92 78.00 67.88 39.64 16.2 3.36 3.45 3.45 Dec 44,017 2.4 HB GKN GKN.L L 3 280p NM 389 272 10.4 29.00 27.00 28.00 Dec £4,621 3.2 HB Meggitt MGGT.L L 1 456p 610 594 422 12.8 32.40 35.50 39.10 Dec £3,567 3.3 HB Rolls-Royce RR.L L 3 715p NM 1,061 686 13.0 65.30 55.00 43.00 Dec £13,137 3.2 HB Safran SAF.PA EPA 3 €64.58 NM 71.35 43.66 14.0 3.00 4.60 3.50 Dec 26,890 2.0 HB Senior SNR.L L 3 280p NM 362 249 14.4 19.80 19.50 20.50 Dec £1,173 2.1 HB Zodiac Aerospace ZODC.PA EPA 3 €25.55 NM 35.82 21.77 25.5 1.34 1.00 1.75 Aug 7,026 1.3 HB

Defence BAE Systems BAES.L L 4 437p 390 549 419 11.3 38.00 38.50 38.50 Dec £13,820 4.8 HB Cobham COB.L L 4 266p 230 349 251 13.0 18.50 20.50 21.00 Dec £3,033 4.1 HB Thales TCFP.PA EPA 1 €59.37 72.00 63.26 36.40 16.5 2.75 3.60 4.20 Dec 12,363 2.1 HB

Infrastructure & Construction Building Products Saint-Gobain SGOB.PA EPA 3 €39.50 NM 44.84 29.51 15.2 1.97 2.59 2.98 Dec 22,133 3.4 HB Tarkett TKTT.PA EPA 2 €20.05 24.00 25.28 17.09 20.0 0.96 1.00 1.24 Dec 1,277 2.0 HB

Construction Groups Eiffage FOUG.PA EPA 2 €52.85 61.00 57.75 36.60 17.3 3.05 E 3.42 4.01 Dec 4,727 2.8 ER Vinci SGEF.PA EPA S €54.96 NM 60.35 39.65 NM 4.47 UR UR Dec NA UR ER

Electrical Equipment Schneider Electric SU.PA EPA 3 €54.12 NM 75.29 52.03 15.8 3.55 3.42 3.69 Dec 30,967 3.5 HB

Infrastructure Operators ADP ADP.PA EPA 4 €100.50 100.00 117.20 82.94 22.4 4.06 4.49 4.99 Dec 9,945 2.7 ER Ferrovial FER.MC MAD 2 €20.67 22.20 22.37 13.41 36.9 0.55 0.56 0.66 Dec 15,133 3.6 ER Fraport FRAG.DE ETR 4 €53.32 53.00 63.01 46.65 19.5 2.54 2.73 3.06 Dec 4,916 2.5 ER

Specialty Distribution Rexel RXL.PA EPA 2 €13.43 18.00 18.18 12.71 13.3 0.97 1.01 1.35 Dec 3,922 5.6 HB Wolseley WOS.L L 3 4,045p NM 4,398 2,990 17.5 196.00 231.00 269.00 Jul £10,458 2.5 HB


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Mining & Natural Resources - CAN Daryl Swetlishoff, CFA [email protected] Alex Terentiew, MBA, P.Geo [email protected]

David Sadowski [email protected] Steve Hansen, CMA, CFA [email protected]

Chris Thompson, M.Sc. (Eng), P.Geo [email protected] Phil Russo [email protected]

Agribusiness AGT Food and Ingredients Inc. AGT T 3 AG C$28.35 34.00 33.44 23.86 14.9 1.75 1.90 2.25 Dec 661 2.1 SH Legumex Walker Inc. LWP T 3 AG C$1.05 2.00 5.15 0.35 NM (1.08) (3.40) (0.26) Dec 17 0.0 SH

Fertilizers Agrium Inc. AGU N 3 G US$99.00 115.00 116.81 82.02 13.8 5.80 7.20 8.50 Dec 14,157 3.5 SH Potash Corp. of Saskatchewan Inc. POT N 3 G US$24.78 30.00 37.60 23.90 14.0 1.81 1.77 1.95 Dec 20,758 6.1 SH

Mining & Natural Resources

Canada

Agribusiness ............................................................... 55

Fertilizers .................................................................... 55

Forest Products .......................................................... 56

Building Materials ................................................... 56

Pulp & Paper ........................................................... 56

Mining ........................................................................ 56

Base Metals & Minerals .......................................... 56

Iron Ore ................................................................... 56

Platinum Group Metals ........................................... 56

Precious Metals - Gold ............................................ 57

Precious Metals - Silver ........................................... 57

Uranium .................................................................. 58

Latin America

Agribusiness & Natural Resources .............................. 58

Agribusiness ............................................................. 58

Natural Resources .................................................... 58


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Mining & Natural Resources - CAN Forest Products Building Materials Acadian Timber Corp. ADN T 2 TR C$19.45 22.00 20.59 12.90 26.6 2.58 0.73 1.21 Dec 325 4.6 DS Canfor Corp. CFP T 1 HR C$19.75 35.00 31.93 19.00 15.9 1.38 1.24 3.17 Dec 2,645 0.0 DS Conifex Timber Inc. CFF T 2 VR C$4.66 9.50 8.46 4.60 NM 0.22 (0.72) 0.94 Dec 112 0.0 DS Interfor Corp. IFP T 1 HR C$12.50 27.50 23.61 11.42 41.7 0.62 0.30 2.47 Dec 875 0.0 DS Norbord Inc. NBD T 2 HR C$21.30 30.00 29.23 18.90 NM 0.48 (0.11) 2.00 Dec 1,849 1.9 DS West Fraser Timber WFT T 2 HR C$49.97 83.00 78.55 45.64 13.8 3.86 3.61 7.86 Dec 4,287 0.6 DS Western Forest Products Inc. WEF T 2 HR C$1.80 3.25 2.80 1.57 9.5 0.17 0.19 0.42 Dec 732 4.4 DS

Pulp & Paper Canfor Pulp Products Inc. CFX T 1 AG C$11.84 21.00 17.02 10.11 8.1 1.28 1.47 1.69 Dec 831 2.1 DS Domtar UFS N 2 HR US$37.86 48.00 48.30 33.04 15.0 3.61 2.53 3.05 Dec 2,419 4.2 DS Fortress Paper FTP T 2 HR C$4.32 5.00 5.72 1.43 NM (4.39) (2.17) 0.61 Dec 63 0.0 DS Mercer International Inc. MERC Q 1 HR US$10.42 18.00 15.95 9.06 8.1 1.81 1.29 2.26 Dec 676 4.4 DS

Mining Base Metals & Minerals Altius Minerals Corp. ALS T 2 AG C$12.41 17.00 15.47 9.86 NM (0.18) (0.04) A 0.05 Apr 496 0.2 AT Capstone Mining Corp. CS T 2 HR C$0.57 2.25 2.84 0.55 NM 0.09 (0.08) 0.07 Dec 218 0.0 AT Copper Mountain Mining CUM T 3 AG C$0.59 1.50 3.05 0.59 5.9 0.13 0.10 0.19 Dec 70 0.0 AT First Quantum Minerals Ltd. FM T 2 HR C$6.02 19.00 25.65 5.75 37.6 0.79 0.16 1.01 Dec 4,148 0.5 AT HudBay Minerals, Inc. HBM T 2 HR C$5.73 13.00 12.61 5.67 57.3 (0.11) 0.10 0.62 Dec 1,324 0.3 AT Ivanhoe Mines Ltd. IVN T 2 VR C$0.64 2.00 1.45 0.62 NM (0.35) (0.08) (0.03) Dec 497 0.0 AT Lundin Mining Corporation LUN T 1 HR C$3.83 7.75 6.46 3.68 13.2 0.24 0.29 0.51 Dec 2,756 0.0 AT Nevsun Resources Ltd. NSU T 2 AG C$3.61 5.00 5.35 3.41 22.6 0.47 0.16 0.02 Dec 722 4.4 AT Taseko Mines Ltd. TKO T 3 HR C$0.54 1.20 2.41 0.51 NM (0.19) (0.11) 0.05 Dec 120 0.0 AT Teck Resources Limited TCK.B T 3 AG C$7.36 14.00 25.45 7.08 11.0 0.78 0.67 0.95 Dec 4,240 12.2 AT Trevali Mining Corporation TV T 2 VR C$0.49 1.40 1.38 0.47 24.5 (0.03) 0.02 0.15 Dec 156 0.0 AT

Iron Ore Labrador Iron Ore Royalty Corp. LIF T 3 HR C$12.10 15.00 31.35 10.81 23.3 1.56 0.52 0.64 Dec 774 8.3 AT

Platinum Group Metals Eastern Platinum Ltd. ELR T 3 HR C$1.10 2.25 2.26 0.79 NM (1.35) (0.09) (0.11) Dec 102 0.0 AT Platinum Group Metals Ltd. PTM T 3 VR C$0.33 1.00 1.19 0.33 NM (0.01) (0.01) (0.01) Aug 182 NM AT


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Mining & Natural Resources - CAN Precious Metals - Gold Agnico Eagle Mines AEM N 1 AG US$22.56 31.50 38.46 21.00 94.0 1.07 0.24 (0.12) Dec 4,828 1.4 PR Alacer Gold Corp ASR T 2 HR C$2.66 4.00 3.22 1.77 16.6 0.17 0.16 0.05 Dec US$782 0.0 PR Alamos Gold Inc. AGI N 2 AG US$3.52 6.00 9.51 2.98 NM (0.02) (0.33) (0.12) Dec 898 3.1 PR Asanko Gold Inc. AKG T 2 HR C$1.90 2.40 2.80 1.50 NM (0.10) (0.02) 0.28 Dec 394 0.0 CT ATAC Resources Ltd. ATC V 3 VR C$0.44 0.80 0.93 0.31 NM (0.02) (0.02) (0.01) Dec 52 0.0 DSa B2Gold Corp. (cf) BTO T 2 AG C$1.44 2.50 2.88 1.30 8.0 0.17 0.18 0.19 Dec 1,352 0.0 CT Barrick Gold Corporation ABX N 3 AG US$6.55 10.50 18.43 6.52 22.6 0.68 0.29 0.76 Dec 7,631 3.1 PR Detour Gold Corp. DGC T 2 VR C$12.98 15.00 16.37 6.02 NM (0.50) (0.39) 0.15 Dec US$2,259 0.0 PR Eldorado Gold Corp. EGO N 3 HR US$2.88 4.00 8.33 2.72 72.0 0.19 0.04 (0.04) Dec 2,065 0.7 PR Endeavour Mining Corp. (cf) EDV T 2 HR C$0.51 0.75 0.94 0.38 1.4 0.26 0.37 0.23 Dec 210 0.0 CT Franco-Nevada Corp. FNV N 2 AG US$40.45 54.00 58.84 38.20 77.8 0.91 0.52 0.55 Dec 6,351 2.1 PR Goldcorp Inc. GG N 2 AG US$13.11 21.50 28.15 12.35 81.9 0.61 0.16 0.18 Dec 10,944 4.6 PR Guyana Goldfields Inc. GUY T 2 VR C$3.60 4.50 4.48 2.15 NM (0.09) (0.02) 0.20 Oct 544 0.0 PR IAMGOLD Corp. IAG N 4 AG C$1.92 1.50 4.37 1.50 NM 0.09 (0.31) (0.59) Dec US$751 0.0 PR Kaminak Gold Corporation KAM V 2 VR C$0.69 1.50 1.15 0.53 NM (0.27) (0.20) (0.07) Dec 99 0.0 DSa Kinross Gold Corporation KGC N 2 AG US$1.62 3.00 3.99 1.60 NM 0.11 (0.10) (0.06) Dec 1,855 0.0 PR Mandalay Resources Corp. (cf) MND T 1 HR C$0.80 1.15 1.14 0.74 4.4 0.18 0.18 0.18 Dec 345 3.7 CT New Gold, Inc. NGD M 3 HR C$2.59 3.75 7.13 2.52 NM 0.09 (0.01) 0.00 Dec US$1,327 0.0 PR Newmarket Gold Inc. (cf) NMI T 2 HR C$1.05 1.70 1.35 0.13 1.8 0.15 0.59 0.52 Dec 200 0.0 CT Orezone Gold Corp. ORE T 2 VR C$0.27 0.80 1.07 0.27 NM (0.13) (0.08) (0.06) Dec 32 0.0 DSa Romarco Minerals Inc. R T 3 VR C$0.50 0.55 0.86 0.30 NM (0.02) (0.03) (0.02) Dec 621 0.0 DSa Roxgold Inc. ROG V 1 VR C$0.68 1.10 0.80 0.39 NM (0.02) (0.02) 0.02 Dec 219 0.0 DSa Royal Gold Inc. RGLD Q 2 AG US$47.35 83.00 77.89 46.12 44.7 0.94 1.06 1.10 Jun 3,078 1.9 PR Sandstorm Gold Ltd. SSL T 3 HR C$3.27 5.50 6.46 2.80 NM 0.09 (0.01) 0.05 Dec 383 0.0 PR SEMAFO Inc. SMF T 2 AG C$3.04 4.00 4.98 2.39 6.6 0.43 0.46 0.43 Dec 894 0.0 CT Tahoe Resources Inc. (cf) THO T 2 AG C$10.29 15.20 28.01 9.66 13.7 1.00 0.75 1.00 Dec US$2,357 2.3 CT Yamana Gold Inc. AUY N 2 AG US$1.76 4.50 8.56 1.68 NM 0.05 (0.04) 0.03 Dec 1,665 3.4 PR

Precious Metals - Silver Bear Creek Mining Corp. (cf) BCM V 2 VR C$0.63 1.90 5.20 0.63 NM (0.16) (0.05) (0.02) Dec 64 0.0 CT Coeur Mining Inc. (cf) CDE N 3 AG US$2.98 4.75 8.08 2.67 6.6 0.38 0.45 0.62 Dec 409 0.0 CT Endeavour Silver Corp. EDR T 3 HR C$1.85 2.20 6.18 1.64 4.6 0.29 0.40 0.34 Dec 189 0.0 CT First Majestic Silver (cf) FR T 3 AG C$4.14 6.00 11.21 3.76 10.3 0.63 0.40 0.59 Dec 642 0.0 CT Fortuna Silver Mines Inc. (cf) FVI T 1 HR C$3.01 5.20 6.30 2.96 10.4 0.47 0.29 0.43 Dec 398 0.0 CT MAG Silver MAG T 1 VR C$9.03 16.00 11.00 6.56 NM (0.25) (0.13) (0.14) Dec 625 0.0 DSa Pan American Silver (cf) PAAS Q 3 AG US$5.92 7.50 14.45 5.85 9.4 0.93 0.63 0.71 Dec 897 3.4 CT Santacruz Silver Mining Ltd. (cf) SCZ V 4 VR C$0.14 0.20 1.00 0.14 14.0 (0.03) 0.01 0.08 Dec 14 0.0 CT Silver Wheaton SLW N 2 AG US$11.53 25.50 25.21 11.22 21.8 0.74 0.53 0.54 Dec 4,658 1.7 PR Silvercorp Metals Inc. (cf) SVM N 3 AG US$0.65 1.20 1.88 0.65 4.3 0.20 0.29 A 0.15 Mar 111 0.0 CT SilverCrest Mines Inc. (cf) SVL T 3 HR C$1.13 1.30 2.21 0.87 5.6 0.12 0.20 0.11 Dec 135 0.0 CT


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Mining & Natural Resources - CAN Uranium Cameco Corp. (cf) CCO T 2 AG C$17.07 27.00 22.46 16.45 18.0 1.48 0.95 1.78 Dec 6,756 2.3 DSa Denison Mines Corp. DML T 2 VR C$0.56 1.60 1.48 0.55 NM (0.05) (0.02) (0.03) Dec 290 0.0 DSa Fission Uranium Corp. FCU T 3 VR C$0.69 1.30 1.38 0.65 NM (0.02) (0.03) (0.03) Jun 264 0.0 DSa Kivalliq Energy Corp. KIV V 3 VR C$0.09 0.25 0.23 0.09 NM (0.01) (0.01) (0.01) Sep 18 0.0 DSa NexGen Energy Ltd. NXE V 1 VR C$0.63 1.80 0.89 0.30 NM (0.06) (0.01) (0.01) Dec 154 0.0 DSa Paladin Energy Ltd. PDN T 3 HR C$0.17 0.30 0.45 0.15 NM (0.10) (0.06) (0.02) Jun 275 nm DSa UEX Corp. UEX T 2 VR C$0.17 0.60 0.45 0.16 NM (0.04) (0.01) (0.01) Dec 41 0.0 DSa Uranium Participation Corporation U T 2 HR C$5.10 6.25 5.76 4.82 NM (0.64) 1.10 A (0.09) Feb 594 nm DSa Ur-Energy Inc. URE T 2 VR C$0.76 1.80 1.35 0.73 NM (0.07) (0.01) 0.06 Dec 99 0.0 DSa

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Mining & Natural Resources - LAT Federico Rey Marino [email protected] Santiago Wesenack, CFA [email protected]

Fernando Suarez [email protected]

Agribusiness & Natural Resources Agribusiness Adecoagro SA AGRO N 2 AG US$7.59 15.50 11.42 6.71 9.3 0.02 0.95 1.10 Dec 929 0.0 FRM,FS Cresud SACIFYA (ed, r) CRESY Q 2 AG US$10.01 23.00 15.17 8.90 NM (2.13) (0.45) (0.04) Jun 503 6.6 FRM,FS Inversora Juramento SA INVJ BA 3 G AR$4.50 NM 6.35 3.90 45.0 (0.04) 0.14 0.16 Sep 1,656 0.0 FS,FRM

Natural Resources Siderar Sociedad Anonima Industrial Y Comercial ERAR BA S G AR$5.60 NM 8.42 4.69 NM 0.72 NA NA Dec 25,296 0.0 FS,SW


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Real Estate - USA Paul D. Puryear [email protected] William A. Crow [email protected]

Buck Horne, CFA [email protected] Collin Mings, CFA [email protected]

Jonathan Hughes, CFA [email protected]

Housing D.R. Horton, Inc. DHI N 2 AG 29.52 35.00 32.37 19.29 14.4 1.50 2.05 2.30 Sep 10,931 0.8 BH,PDP KB Home KBH N 3 AG 13.94 NM 18.10 11.76 15.3 9.25 0.91 1.15 Nov 1,415 0.9 BH,PDP Lennar Corporation LEN N 3 AG 49.70 NM 56.04 37.50 14.9 2.80 3.34 3.90 Nov 11,481 0.3 BH,PDP MDC Holdings MDC N 3 AG 28.04 NM 31.23 23.67 17.7 1.29 1.58 2.20 Dec 1,374 3.6 BH,PDP PulteGroup Inc. PHM N 3 AG 19.82 NM 23.36 16.56 14.6 1.26 1.36 1.60 Dec 7,218 1.6 BH,PDP The Ryland Group, Inc. RYL N 3 AG 42.35 NM 49.66 30.33 11.8 3.08 3.60 4.00 Dec 2,469 0.3 BH,PDP St. Joe Company JOE N 2 HR 17.32 19.00 22.44 14.94 NM 4.40 (0.02) 0.03 Dec 1,599 0.0 BH,PDP Standard Pacific Corporation SPF N 3 AG 8.27 NM 9.35 6.52 13.8 0.54 0.60 0.75 Dec 3,295 0.0 BH,PDP Toll Brothers, Inc. TOL N 2 AG 35.98 44.00 42.19 28.92 17.6 1.84 2.05 2.95 Oct 6,649 0.0 BH,PDP WCI Communities, Inc. WCIC N 1 AG 24.09 31.00 26.58 17.08 19.3 0.82 1.25 1.95 Dec 636 0.0 BH,PDP

Real Estate

USA Canada Europe

Housing ....................................................................... 59

Lodging ....................................................................... 60

REITs ........................................................................... 60

Healthcare ............................................................... 60

Hotels ...................................................................... 60

Malls ........................................................................ 60

Net Lease ................................................................. 60

Office/Industrial ...................................................... 61

Residential ............................................................... 61

Self Storage ............................................................. 61

Shopping Centers .................................................... 61

Timber ..................................................................... 62

Real Estate .................................................................. 62

Healthcare ............................................................... 62

Industrial ................................................................. 62

Mortgage Investment Corporations ........................ 62

Office/Diversified .................................................... 62

Real Estate Services ................................................. 62

Residential ............................................................... 63

Retail ....................................................................... 63

Hotels .......................................................................... 63

Latin America

Diversified Real Estate................................................. 64

Real Estate .................................................................. 64


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Real Estate - USA Lodging Hilton Worldwide Holdings Inc. HLT N 2 AG 24.33 33.00 31.60 20.72 29.3 0.69 0.83 1.00 Dec 24,025 1.2 WAC,PDP Hyatt Hotels Corporation H N 3 AG 51.08 NM 64.52 47.43 52.7 1.09 0.97 1.59 Dec 7,330 0.0 WAC,PDP Marriott International, Inc. MAR Q 2 G 69.92 85.00 85.00 59.61 22.1 2.54 3.16 3.78 Dec 18,690 1.4 WAC,PDP Starwood Hotels & Resorts Worldwide HOT N 2 G 71.09 88.00 87.99 66.39 23.8 3.02 2.99 3.41 Dec 12,128 2.1 WAC,PDP

REITs Healthcare CareTrust REIT, Inc (x) CTRE Q 2 TR 11.52 13.50 18.49 10.40 12.0 0.69 0.96 1.11 Dec 361 5.6 JH,PDP Health Care REIT, Inc. (x) HCN N 3 TR 64.42 NM 84.88 62.05 14.8 4.13 4.36 4.60 Dec 22,644 5.1 JH,PDP Healthcare Trust of America, Inc. (x) HTA N 3 TR 24.17 NM 30.28 23.02 15.9 1.46 1.52 1.65 Dec 3,026 4.9 JH,PDP Physicians Realty Trust (x) DOC N 2 TR 14.50 18.00 18.12 13.51 15.8 0.72 0.92 1.04 Dec 1,090 6.2 JH,PDP Sabra Health Care REIT, Inc. (x) SBRA Q 2 TR 24.59 30.00 34.44 23.90 11.1 2.20 2.22 2.43 Dec 1,605 6.7 JH,PDP Senior Housing Properties Trust (x) SNH N 4 NM 15.80 NM 23.83 15.43 8.7 1.75 1.82 1.86 Dec 3,751 9.9 JH,PDP

Hotels DiamondRock Hospitality Company (x) DRH N 3 TR 11.77 NM 16.01 11.33 11.5 0.87 1.02 1.17 Dec 2,369 4.2 WAC,PDP Hersha Hospitality Trust (x) HT N 3 TR 24.35 NM 29.96 23.49 10.6 1.98 2.30 2.54 Dec 1,220 4.6 WAC,PDP Host Hotels & Resorts Inc. (x) HST N 4 NM 17.71 NM 24.50 17.00 11.6 1.50 1.53 1.74 Dec 14,010 4.5 WAC,PDP LaSalle Hotel Properties (x) LHO N 2 TR 31.41 39.00 43.56 29.73 10.8 2.58 2.92 3.23 Dec 3,568 5.7 WAC,PDP Pebblebrook Hotel Trust (x) PEB N 2 TR 38.08 49.00 50.17 36.28 15.1 1.96 2.52 3.05 Dec 2,742 3.3 WAC,PDP RLJ Lodging Trust (x) RLJ N 2 TR 27.31 34.00 36.25 25.00 10.9 2.40 2.51 2.74 Dec 3,578 4.8 WAC,PDP Ryman Hospitality Properties Inc. (x) RHP N 3 TR 51.42 NM 64.97 42.73 10.3 4.68 4.99 5.48 Dec 2,653 5.4 WAC,PDP Strategic Hotels & Resorts (x) BEE N 2 AG 13.51 15.50 14.48 11.01 14.7 0.68 0.92 0.99 Dec 3,749 0.0 WAC,PDP Summit Hotel Properties, Inc. (x) INN N 2 TR 11.82 15.00 14.61 10.24 10.0 0.97 1.18 1.32 Dec 1,032 4.0 WAC,PDP Sunstone Hotel Investors, Inc. (x) SHO N 3 TR 13.67 NM 18.01 13.07 10.4 1.17 1.31 1.44 Dec 2,853 1.5 WAC,PDP

Malls CBL & Associates Properties, Inc. (x) CBL N 3 TR 14.66 NM 21.36 14.36 6.5 2.26 2.25 2.31 Dec 2,929 7.2 CM,PDP Simon Property Group, Inc. (x) SPG N 2 TR 181.97 220.00 206.31 162.43 17.9 8.90 10.14 10.92 Dec 65,728 3.4 CM,PDP

Net Lease Agree Realty Corporation (x) ADC N 2 TR 28.50 35.00 36.15 27.00 12.0 2.18 2.37 2.54 Dec 516 6.5 CM,PDP National Retail Properties, Inc. (x) NNN N 2 TR 35.03 40.00 44.43 34.15 15.9 2.08 2.21 2.32 Dec 4,673 5.0 CM,PDP Realty Income (x) O N 3 TR 45.47 NM 55.54 40.56 16.7 2.58 2.73 2.85 Dec 10,681 5.0 CM,PDP Spirit Realty Capital, Inc. (x) SRC N 2 TR 9.72 12.50 13.00 9.53 11.7 0.61 0.83 0.89 Dec 4,291 7.0 CM,PDP STORE Capital Corporation (x) STOR N 2 TR 20.23 23.00 24.06 19.25 15.3 1.26 1.32 1.50 Dec 2,567 4.9 CM,PDP


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Real Estate - USA Office/Industrial Armada Hoffler Properties (x) AHH N 2 TR 9.64 12.00 11.12 8.86 11.3 0.80 0.85 0.98 Dec 385 7.1 WAC,PDP BioMed Realty Trust Inc. (x) BMR N 2 TR 18.81 23.50 25.11 18.49 11.4 1.57 1.65 1.48 Dec 3,931 5.5 WAC,PDP Brandywine Realty Trust (x) BDN N 3 TR 12.41 NM 17.13 12.09 8.6 1.34 1.44 1.48 Dec 2,267 4.8 WAC,PDP Corporate Office Properties Trust (x) OFC N 2 TR 21.44 30.50 30.94 21.08 10.7 1.88 2.00 2.19 Dec 2,105 5.1 WAC,PDP Digital Realty Trust, Inc. (x) DLR N 3 TR 63.28 NM 75.39 61.33 11.9 5.03 5.34 5.34 Dec 8,802 5.4 WAC,PDP Douglas Emmett (x) DEI N 2 TR 27.93 33.00 31.04 25.46 17.3 1.54 1.61 1.68 Dec 4,966 3.0 WAC,PDP DuPont Fabros Technology Inc. (x) DFT N 3 TR 27.14 NM 38.30 26.52 11.5 2.37 2.36 2.60 Dec 2,193 6.2 WAC,PDP Easterly Government Properties, Inc. (x) DEA N 2 G 15.57 17.00 16.86 15.18 14.8 NA 1.05 1.09 Dec 618 5.3 WAC,PDP EastGroup Properties, Inc. (x) EGP N 2 TR 53.84 66.00 69.90 51.92 14.7 3.47 3.67 3.94 Dec 1,739 4.2 WAC,PDP First Industrial Realty Trust, Inc. (x) FR N 3 TR 19.27 NM 22.60 16.76 16.1 1.16 1.20 1.38 Dec 2,218 2.6 WAC,PDP First Potomac Realty Trust (x) FPO N 3 TR 10.87 NM 13.32 9.88 11.2 0.92 0.97 1.01 Dec 667 5.5 WAC,PDP Parkway Properties (x) PKY N 2 TR 15.60 20.50 21.50 15.32 11.5 1.34 1.36 1.50 Dec 1,816 4.8 WAC,PDP STAG Industrial Inc. (x) STAG N 2 TR 17.22 22.00 27.61 16.72 11.9 1.45 1.45 1.61 Dec 1,230 8.0 WAC,PDP Washington REIT (x) WRE N 3 TR 25.26 NM 30.15 24.28 15.6 1.51 1.62 1.72 Dec 1,723 4.8 WAC,PDP

Residential American Homes 4 Rent (x) AMH N 1 AG 15.44 20.00 18.19 15.09 22.1 0.43 0.70 0.90 Dec 4,104 1.3 BH,PDP American Residential Properties, Inc. (x) ARPI N 1 HR 16.47 23.00 19.68 15.53 19.6 0.39 0.84 1.20 Dec 542 2.4 BH,PDP Apartment Investment and Management Company (x) AIV N 2 TR 36.45 42.00 41.55 31.51 17.0 2.07 2.14 2.36 Dec 5,971 3.3 BH,PDP Campus Crest Communities, Inc. (x) CCG N 3 TR 5.20 NM 8.27 5.00 NM UR UR UR Dec 339 0.0 BH,PDP Equity Residential (x) EQR N 3 TR 71.29 NM 82.53 60.44 20.8 3.17 3.43 3.69 Dec 26,976 3.1 BH,PDP Essex Property Trust, Inc. (x) ESS N 3 TR 215.12 NM 243.17 176.70 22.6 8.54 9.50 10.40 Dec 14,435 2.7 BH,PDP Mid-America Apartment Communities Inc. (x) MAA N 3 TR 78.20 NM 84.42 65.05 14.9 4.99 5.25 5.69 Dec 6,217 3.9 BH,PDP Post Properties, Inc. (x) PPS N 2 TR 55.51 63.00 63.78 50.34 19.1 2.44 2.91 3.10 Dec 3,036 3.2 BH,PDP

Self Storage CubeSmart (x) CUBE N 1 TR 25.01 28.00 26.81 17.72 21.0 1.03 1.19 1.32 Dec 4,244 2.6 JH,PDP Extra Space Storage (x) EXR N 2 TR 72.11 78.00 79.15 50.11 24.9 2.52 2.90 3.45 Dec 9,086 3.3 JH,PDP Jernigan Capital, Inc. JCAP N 2 HR 17.28 22.00 21.99 16.42 NM NA (0.05) 1.36 Dec 105 8.1 JH,PDP Public Storage (x) PSA N 3 TR 203.20 NM 217.99 162.34 23.4 7.98 8.67 9.25 Dec 35,235 3.3 JH,PDP Sovran Self Storage, Inc. (x) SSS N 2 TR 90.64 102.00 99.32 73.59 18.8 4.08 4.82 5.29 Dec 3,245 3.8 JH,PDP

Shopping Centers Cedar Realty Trust, Inc. (x) CDR N 2 TR 6.29 8.00 8.36 5.75 11.9 0.51 0.53 0.58 Dec 537 3.2 CM,PDP Equity One, Inc. (x) EQY N 4 NM 23.78 NM 28.23 21.32 18.9 1.21 1.26 1.39 Dec 3,343 3.7 CM,PDP Federal Realty Investment Trust (x) FRT N 3 TR 130.39 NM 151.11 116.50 25.9 4.94 5.04 5.83 Dec 8,958 2.9 CM,PDP Inland Real Estate Corporation (x) IRC N 4 NM 8.65 NM 11.73 8.50 8.7 0.95 0.99 1.02 Dec 869 6.5 CM,PDP Kimco Realty Corporation (x) KIM N 3 TR 23.55 NM 28.54 21.54 16.2 1.40 1.45 1.52 Dec 9,729 4.1 CM,PDP Kite Realty Group Trust (x) KRG N 2 TR 23.94 32.00 31.57 23.35 11.9 1.57 2.01 2.16 Dec 1,994 4.6 CM,PDP Ramco-Gershenson Properties Trust (x) RPT N 2 TR 15.66 20.00 20.20 15.11 12.1 0.95 1.29 1.38 Dec 1,268 5.4 CM,PDP Regency Centers Corp. (x) REG N 2 TR 59.30 72.00 70.80 53.28 20.0 2.82 2.97 3.21 Dec 5,592 3.3 CM,PDP Retail Opportunity Investments Corp. (x) ROIC Q 2 TR 16.06 19.00 18.73 14.50 17.5 0.85 0.92 1.00 Dec 1,503 4.2 CM,PDP Saul Centers, Inc. (x) BFS N 3 TR 49.69 NM 60.86 45.80 17.0 2.79 2.93 3.12 Dec 1,039 3.5 CM,PDP


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Real Estate - USA Timber CatchMark Timber Trust, Inc. (ca) CTT N 2 TR 10.28 14.00 12.33 7.90 16.6 0.60 0.62 0.68 Dec 407 4.9 CM,PDP Plum Creek Timber Company, Inc. PCL N 3 TR 38.61 NM 45.26 38.07 34.8 1.21 1.11 1.45 Dec 6,753 4.6 CM,PDP Potlatch Corporation PCH Q 2 TR 33.02 43.00 44.20 32.62 29.0 2.20 1.14 1.75 Dec 1,354 4.5 CM,PDP Rayonier, Inc. RYN N 3 TR 22.50 NM 34.70 21.89 72.6 0.76 0.31 0.43 Dec 2,846 4.4 CM,PDP Weyerhaeuser Company WY N 2 TR 27.48 38.00 37.04 26.84 25.0 3.18 1.10 1.65 Dec 14,284 4.2 CM,PDP

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Real Estate - CAN Ken Avalos* [email protected] Frederic Bastien, CFA [email protected]

Johann Rodrigues, (Associate Analyst) [email protected]

Real Estate Healthcare Amica Mature Lifestyles Inc. (x) ACC T 2 TR C$8.24 8.35 8.79 6.41 15.0 0.48 0.55 0.62 May 254 5.1 KA Sienna Senior Living Inc. (x) SIA T 3 HR C$15.35 NM 16.25 13.15 13.5 1.12 1.14 1.21 Dec 600 5.9 KA

Industrial Pure Industrial Real Estate Trust (x) AAR.UN T 2 HR C$4.47 5.25 5.25 4.18 11.2 0.37 0.40 0.43 Dec 843 6.9 KA

Mortgage Investment Corporations Timbercreek Mortgage Investment Corporation TMC T 2 TR C$7.71 9.00 9.34 7.27 10.3 0.64 0.75 0.76 Dec 314 9.3 JR,KA Timbercreek Senior Mortgage Investment Corp. MTG T 2 TR C$7.56 9.25 9.30 7.42 12.0 0.59 0.63 0.65 Dec 239 7.9 KA

Office/Diversified Allied Properties REIT (x) AP.UN T 2 TR C$35.00 45.00 41.37 33.63 15.7 2.06 2.23 2.48 Dec 2,723 4.2 KA Artis REIT (x) AX.UN T 2 TR C$12.31 15.00 16.09 11.59 8.4 1.42 1.47 1.52 Dec 1,819 8.8 KA Brookfield Canada Office Properties (x) BOX.UN T 3 TR C$24.28 NM 30.68 23.02 14.9 1.57 1.63 1.69 Dec 2,265 5.1 KA CREIT (x) REF.UN T 2 TR C$40.91 47.00 50.00 39.25 13.6 2.96 3.01 3.12 Dec 2,978 4.4 JR,KA H&R REIT (x) HR.UN T 3 TR C$21.01 NM 25.27 18.38 10.9 1.79 1.93 1.96 Dec 6,366 6.4 KA True North Commercial REIT (x) TNT.UN T 2 HR C$5.88 6.35 6.75 5.32 9.2 0.57 0.64 0.70 Dec 126 11.6 JR,KA

Real Estate Services Colliers International Group Inc. CIGI Q 2 AG US$42.29 52.00 48.01 28.74 19.7 2.73 2.15 2.40 Dec 1,565 0.9 FB FirstService Corporation FSV Q 2 G US$31.24 33.00 34.31 22.05 26.0 NA 1.20 1.45 Dec 1,134 1.3 FB

*Ken Avalos is a Raymond James & Associates employee.


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Real Estate - CAN Residential Boardwalk REIT (x) BEI.UN T 1 TR C$52.62 68.00 71.40 48.82 14.7 3.37 3.57 3.56 Dec 2,736 3.9 KA Canadian Apartment Properties REIT (x) CAR.UN T 3 TR C$27.74 NM 30.25 23.16 16.2 1.65 1.71 1.77 Dec 3,251 4.4 KA InterRent REIT (x) IIP.UN T 2 HR C$6.26 7.00 6.75 5.24 16.5 0.32 0.38 0.49 Dec 441 3.5 KA Killam Properties Inc. (x) KMP T 2 TR C$9.96 12.00 11.24 9.21 12.6 0.72 0.79 0.84 Dec 620 5.9 KA Tricon Capital Group Inc. TCN T 2 G C$11.28 12.50 12.11 7.31 20.1 0.60 0.56 0.40 Dec 1,026 2.1 KA True North Apartment REIT (x) TN.UN T 4 NM C$7.77 NM 8.93 7.37 11.3 0.69 0.69 0.74 Dec 258 9.0 KA

Retail Choice Properties REIT (x) CHP.UN T 3 TR C$11.22 NM 11.85 10.24 11.7 0.91 0.96 0.98 Dec 4,552 5.8 KA Crombie REIT (x) CRR.UN T 2 TR C$12.90 14.00 13.87 12.13 11.2 1.10 1.15 1.18 Dec 1,683 6.9 KA CT Real Estate Investment Trust (x) CRT.UN T 3 TR C$12.22 NM 13.50 10.50 11.9 0.98 1.03 1.06 Dec 2,316 5.4 KA RioCan REIT (x) REI.UN T 3 TR C$24.63 NM 30.25 22.14 14.3 1.68 1.72 1.77 Dec 7,869 5.7 KA SmartREIT (x) SRU.UN T 2 TR C$29.61 33.00 32.75 25.43 14.2 1.96 2.09 2.17 Dec 4,536 5.6 KA

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Real Estate - EUR Julien Richer, RJEE [email protected]

Hotels AccorHotels ACCP.PA EPA 2 €40.59 52.00 51.65 28.87 26.9 0.97 1.51 1.97 Dec 9,457 2.6 JR Intercontinental Hotels ($D) IHG.L L 2 2,335p 2,850 2,967 2,085 NM 1.58 1.79 2.08 Dec $8,092 2.5 JR Melia Hotels International MEL.MC MAD 1 €12.59 14.50 13.71 7.28 43.4 0.15 0.29 0.40 Dec 2,504 0.5 JR NH Hoteles NHH.MC MAD 3 €5.01 NM 5.98 3.06 NM (0.03) 0.03 0.14 Dec 1,754 0.0 JR Whitbread WTB.L L 2 4,820p 5,400 5,475 3,767 21.4 214.00 225.00 258.00 Feb £8,772 1.9 JR


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Real Estate - LAT Federico Rey Marino [email protected] Fernando Suarez [email protected]

Diversified Real Estate IRSA Inversiones y Representaciones SA (ed, r) IRS N 3 G US$14.61 NM 21.50 12.50 54.1 (1.80) 0.27 (0.84) Jun 846 4.0 FRM,FS

Real Estate TGLT S.A. TGLT BA 3 AG AR$10.00 NM 11.45 7.47 NM (0.27) 1.49 1.88 Dec 703 0.0 FRM,FS


Technology & Communications

USA Canada Europe

Analog and Communications Semiconductors ........... 66

Application Software .................................................. 67

Communications Equipment ...................................... 68

Communications Technology ..................................... 68

Enterprise Communications .................................... 68

Mobile Devices ........................................................ 69

Defense Communications ........................................... 69

Electronic Manufacturing Services ............................. 69

Infrastructure Software .............................................. 70

Internet ....................................................................... 70

eCommerce ............................................................. 70

Internet & Advertising Technology .......................... 70

Online Advertising ................................................... 71

Online Travel ........................................................... 71

IT Hardware and Distribution ..................................... 71

IT Services and Security .............................................. 72

IT Services ................................................................ 72

Security .................................................................... 72

Satellite & Space ......................................................... 72

Semiconductors .......................................................... 73

Telecommunications Services .................................... 73

Towers ..................................................................... 73

Wireless ................................................................... 73

Wireline ................................................................... 74

Transaction Processing ............................................... 75

IT Hardware ................................................................ 76

Software/IT Services ................................................... 76

Telecommunications Services ..................................... 77

Latin America

Telecom & Media ........................................................ 77

Telecommunications Services ..................................... 77


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Technology & Communications - USA Brian G. Alexander, CFA [email protected] Robert P. Anastasi, CFA [email protected]

Ric Prentiss [email protected] Brian Gesuale [email protected]

Wayne Johnson [email protected] Aaron Kessler, CFA [email protected]

Simon Leopold [email protected] Steven Li, CFA* [email protected]

Frank G. Louthan IV [email protected] Tavis C. McCourt, CFA [email protected]

Hans Mosesmann [email protected] Chris Quilty [email protected]

J. Steven Smigie [email protected] Terry Tillman [email protected]

Michael Turits, Ph.D. [email protected] Justin Patterson, CFA [email protected]

Brian Peterson, CFA [email protected] William A. Crow [email protected]

Analog and Communications Semiconductors Analog Devices, Inc. ADI Q 1 AG 54.22 72.00 68.97 42.57 18.3 2.40 2.96 3.25 Oct 17,253 3.0 JSS Avago Technologies Ltd. AVGO Q 2 AG 116.20 135.00 150.50 68.75 14.3 4.37 8.10 8.24 Oct 34,163 1.4 JSS Diodes Incorporated DIOD Q 2 AG 19.50 24.00 30.65 18.42 16.7 1.45 1.17 1.55 Dec 961 0.0 JSS Fairchild Semiconductor International FCS Q 3 AG 13.30 NM 20.84 12.01 13.9 0.86 0.96 1.32 Dec 1,544 0.0 JSS Linear Technology Corporation LLTC Q 4 NM 39.71 NM 49.57 36.41 20.8 1.96 2.13 A 1.91 Jun 9,749 3.0 JSS M/A-COM Technology Solutions MTSI Q 2 AG 27.75 36.00 42.81 18.23 21.9 1.08 1.27 1.64 Sep 1,468 0.0 JSS Maxim Integrated MXIM Q 1 AG 32.43 38.00 36.37 25.28 17.2 1.64 1.53 A 1.89 Jun 9,382 3.7 JSS Microsemi Corporation MSCC Q 1 AG 30.60 43.00 37.41 20.61 13.6 1.76 2.25 2.62 Sep 2,950 0.0 JSS Monolithic Power Systems, Inc. MPWR Q 2 AG 47.17 55.00 56.19 33.99 47.6 0.87 0.99 1.22 Dec 1,920 1.7 JSS NXP Semiconductors N.V. NXPI Q 1 AG 85.02 120.00 114.00 53.81 16.0 4.23 5.33 6.21 Dec 19,752 0.0 JSS ON Semiconductor Corporation ON Q 2 AG 9.44 13.00 13.50 6.76 10.9 0.75 0.87 1.10 Dec 4,119 0.0 JSS Power Integrations, Inc. POWI Q 3 AG 37.61 NM 60.54 36.04 24.6 1.96 1.53 2.01 Dec 1,132 1.3 JSS Qorvo, Inc. QRVO Q 1 AG 52.75 84.00 88.35 36.60 11.3 1.13 3.97 A 4.65 Mar 8,150 0.0 JSS Semtech Corporation SMTC Q 2 AG 16.32 18.50 30.01 15.37 22.1 1.22 1.16 A 0.74 Jan 1,075 0.0 JSS Skyworks Solutions SWKS Q 1 AG 86.15 130.00 112.88 44.06 16.4 3.23 5.26 6.30 Sep 16,816 1.2 JSS Texas Instruments Incorporated TXN Q 1 AG 45.41 58.00 59.99 41.47 16.2 2.73 2.81 3.03 Dec 47,726 3.0 JSS,HM Vishay Intertechnology, Inc. VSH N 3 AG 9.83 NM 16.34 9.22 13.8 0.92 0.71 0.73 Dec 1,491 2.4 JSS

*Steven Li is a Raymond James Ltd. employee.


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Technology & Communications - USA Application Software Amber Road, Inc. AMBR N 2 AG 4.83 7.00 18.09 4.04 NM (0.12) (0.76) (0.71) Dec 129 0.0 TT,BP Benefitfocus, Inc. BNFT Q 1 HR 34.67 50.00 47.49 19.58 NM (2.10) (1.97) (1.53) Dec 1,089 0.0 TT,BP Box, Inc. BOX N 3 HR 13.25 NM 24.73 11.69 NM NA (8.14) A (1.18) Jan 1,830 0.0 TT,BP Brightcove Inc. BCOV Q 3 HR 5.22 NM 8.46 4.80 NM (0.13) (0.08) (0.05) Dec 175 0.0 TT,BP Castlight Health, Inc. CSLT N 2 HR 5.24 8.50 15.10 4.73 NM (0.94) (0.69) (0.56) Dec 532 0.0 TT,BP ChannelAdvisor Corporation ECOM N 3 HR 10.51 NM 22.47 8.22 NM (1.06) (0.65) (0.57) Dec 288 0.0 TT,BP Constant Contact, Inc. CTCT Q 3 AG 24.17 NM 43.18 22.75 18.5 1.08 1.31 1.55 Dec 778 0.0 TT,BP Demandware DWRE N 2 AG 54.88 75.00 75.90 47.30 NM 0.11 (0.01) 0.23 Dec 1,959 0.0 TT,BP Halogen Software, Inc. ($D, is) HGN T 2 HR C$8.77 11.50 11.15 7.59 NM (0.71) (0.68) (0.55) Dec 193 0.0 TT,SLi HubSpot, Inc. HUBS N 2 HR 44.64 60.00 55.07 25.79 NM (2.77) (0.89) (0.84) Dec 1,634 0.0 TT,BP Manhattan Associates, Inc. MANH Q 2 AG 58.88 71.00 69.81 28.24 41.8 1.16 1.41 1.65 Dec 4,392 0.0 TT,BP Marketo, Inc. MKTO Q 2 AG 27.95 40.00 35.63 23.17 NM (0.67) (0.76) (0.52) Dec 1,339 0.0 TT,BP MiX Telematics Limited ($R) MIXT N 2 AG 5.96 9.00 10.12 5.30 NM 0.20 0.19 A 0.16 Mar 191 0.0 TT,BP Model N, Inc. MODN N 3 HR 10.26 NM 12.70 8.77 NM (0.41) (0.31) (0.13) Sep 299 0.0 TT,BP NetSuite, Inc. N N 3 AG 89.12 NM 113.88 82.87 NM 0.32 0.21 0.35 Dec 7,067 0.0 TT,BP Paylocity Holding Corporation PCTY Q 2 AG 30.80 42.00 38.59 18.75 NM (0.04) 0.01 A (0.06) Jun 1,660 0.0 TT,BP Q2 Holdings Inc. QTWO N 2 AG 27.37 33.00 30.44 13.03 NM (0.52) (0.40) (0.30) Dec 1,139 0.0 TT,BP RingCentral, Inc. RNG N 1 HR 17.12 27.00 20.94 10.02 NM (0.49) (0.17) 0.02 Dec 1,303 0.0 TT,BP salesforce.com, Inc. CRM N 1 AG 68.52 85.00 78.46 51.04 95.2 0.35 0.53 A 0.72 Jan 46,087 0.0 TT,BP SciQuest SQI Q 2 AG 11.07 15.00 18.26 10.77 42.6 0.30 0.26 0.32 Dec 332 0.0 TT,BP Shopify Inc. SHOP N 3 HR 28.22 NM 42.13 22.70 NM NA (0.23) (0.21) Dec 2,543 0.0 TT,BP Tangoe Inc. TNGO Q 3 AG 7.43 NM 15.13 6.57 13.8 0.70 0.54 0.65 Dec 306 0.0 TT,BP Ultimate Software Group Inc. ULTI Q 2 AG 174.64 210.00 195.18 125.74 69.0 2.11 2.53 3.04 Dec 5,169 0.0 TT,BP Upland Software, Inc. UPLD Q 2 HR 7.74 9.00 12.20 5.89 NM (0.22) (0.22) (0.11) Dec 121 0.0 TT,BP Workiva Inc. WK N 2 HR 13.67 18.00 16.53 12.25 NM (1.02) (0.93) (0.88) Dec 570 0.0 TT,BP


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Technology & Communications - USA Communications Equipment ADTRAN, Inc. ADTN Q 3 G 15.35 NM 24.13 14.70 42.6 0.80 0.36 0.70 Dec 830 2.3 SL Alcatel-Lucent (r) ALU N 3 HR 3.31 NM 4.96 2.28 82.7 (0.07) 0.04 0.18 Dec 9,249 0.0 SL Applied Optoelectronics, Inc. AAOI Q 1 HR 19.70 28.00 22.79 8.17 17.9 0.68 1.10 1.89 Dec 301 0.0 SL Arista Networks ANET N 3 AG 74.67 NM 94.84 56.11 32.2 1.58 2.32 2.60 Dec 5,025 0.0 SL ARRIS Group Inc. ARRS Q 1 AG 25.66 39.00 37.50 23.71 11.5 2.76 2.23 2.86 Dec 3,831 0.0 SL Calix, Inc. CALX N 3 AG 7.32 NM 11.60 6.75 28.2 0.29 0.26 0.51 Dec 381 0.0 SL Ciena Corporation CIEN N 2 AG 22.33 27.00 26.50 13.77 18.9 0.54 1.18 1.46 Oct 2,407 0.0 SL Cisco Systems CSCO Q 2 G 25.68 33.00 30.31 22.49 11.3 2.06 2.21 A 2.28 Jul 132,817 3.3 SL CommScope Holding Company, Inc. COMM Q 3 HR 29.50 NM 32.53 19.68 16.0 2.24 1.84 2.04 Dec 5,604 0.0 SL Dycom Industries, Inc. DY N 4 NM 66.98 NM 70.80 24.84 21.2 1.17 2.41 A 3.16 Jul 2,282 0.0 SL Ericsson ERIC Q 3 TR 9.70 NM 13.28 9.42 13.9 0.67 0.70 0.79 Dec 31,787 4.0 SL Extreme Networks, Inc. EXTR Q 3 HR 2.68 NM 5.49 2.11 14.9 0.30 0.06 A 0.18 Jun 270 0.0 SL F5 Networks, Inc. FFIV Q 2 AG 122.45 127.00 136.11 106.82 18.7 5.44 6.54 7.54 Sep 8,694 0.0 SL Finisar Corporation FNSR Q 2 HR 15.42 24.00 23.38 14.22 13.0 1.53 1.05 A 1.19 Apr 1,605 0.0 SL Gigamon Inc. GIMO N 2 AG 23.70 35.00 34.80 9.95 34.3 0.11 0.69 0.79 Dec 796 0.0 SL Harmonic Inc. HLIT Q 4 NM 5.61 NM 7.98 5.40 28.1 0.16 0.20 0.25 Dec 496 0.0 SL Juniper Networks, Inc. JNPR N 3 AG 25.57 NM 29.13 18.41 12.8 1.46 1.99 2.04 Dec 11,056 1.6 SL Lumentum Holdings, Inc. LITE Q 3 AG 20.41 NM 26.88 17.00 17.6 0.87 1.16 1.15 Jun 1,196 0.0 SL NeoPhotonics Corporation NPTN N 1 HR 7.09 10.00 11.19 2.26 16.9 (0.30) 0.42 0.67 Dec 285 0.0 SL Nokia (r) NOK N 4 NM 6.25 NM 8.73 5.71 17.9 0.25 0.35 0.38 Dec 23,131 2.4 SL

Communications Technology Enterprise Communications BroadSoft, Inc. BSFT Q 1 AG 30.79 44.00 38.83 19.12 20.3 1.36 1.52 1.95 Dec 905 0.0 TMC Interactive Intelligence Group Inc. ININ Q 3 AG 35.19 NM 55.65 34.43 NM 0.09 (0.22) (0.09) Dec 756 0.0 TMC Logitech International SA LOGI Q 3 AG 13.42 NM 16.38 11.20 15.8 0.75 1.05 A 0.85 Mar 2,166 2.0 TMC Plantronics, Inc. PLT N 2 G 52.61 60.00 58.73 42.65 17.8 2.84 3.06 A 2.95 Mar 2,189 1.1 TMC Polycom Inc. PLCM Q 2 AG 10.61 13.00 14.22 10.07 12.1 0.85 0.88 1.00 Dec 1,458 0.0 TMC Premiere Global Services Inc. PGI N 1 HR 10.49 14.00 13.56 8.61 11.0 0.89 0.95 1.02 Dec 468 0.0 TMC


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Technology & Communications - USA Mobile Devices Alarm.com Holdings ALRM Q 2 AG 16.29 21.00 19.15 10.26 NM 0.16 0.13 0.16 Dec 742 0.0 TMC Apple Inc. AAPL Q 3 G 109.69 NM 134.54 92.00 12.1 6.45 9.10 8.50 Sep 633,240 1.9 TMC Control4 Corporation CTRL Q 3 HR 7.85 NM 16.75 7.02 20.7 0.53 0.38 0.48 Dec 199 0.0 TMC Digi International Inc. DGII Q 3 AG 9.70 NM 10.78 6.90 48.5 0.07 0.20 0.24 Sep 242 0.0 TMC FitBit, Inc. FIT N 3 HR 38.40 NM 51.90 29.50 53.3 0.56 0.72 0.90 Dec 7,937 0.0 TMC Garmin Ltd. GRMN Q 2 G 37.72 43.00 60.19 35.35 14.5 3.10 2.61 2.65 Dec 7,202 5.4 TMC GoPro, Inc. GPRO Q 2 AG 46.28 71.00 98.47 37.13 26.8 1.32 1.73 2.35 Dec 6,877 0.0 TMC Harman International, Inc. HAR N 1 G 97.30 145.00 149.12 84.41 15.0 4.41 5.71 A 6.50 Jun 6,930 1.4 TMC Mobileye N.V. MBLY N 2 HR 55.30 67.00 64.48 32.41 NM 0.21 0.45 0.81 Dec 13,150 0.0 TMC Motorola Solutions, Inc. MSI N 3 TR 63.14 NM 70.26 56.40 19.0 2.72 3.32 3.82 Dec 13,057 2.2 TMC NETGEAR Inc. NTGR Q 4 NM 29.31 NM 36.70 28.12 15.6 2.54 1.88 2.32 Dec 1,035 0.0 TMC Nuance Communications, Inc. NUAN Q 2 AG 16.50 23.00 18.96 13.20 13.5 1.12 1.22 1.45 Sep 5,217 0.0 TMC QUALCOMM, Inc. QCOM Q 3 G 56.66 NM 78.53 52.59 12.4 5.27 4.56 4.59 Sep 89,409 3.0 TMC Synchronoss Technologies, Inc. SNCR Q 2 AG 40.45 57.00 54.05 37.76 18.1 1.78 2.23 2.60 Dec 1,913 0.0 TMC Ubiquiti Networks, Inc. UBNT Q 4 NM 34.94 NM 50.00 25.50 17.4 2.00 1.97 A 2.01 Jun 3,054 0.5 TMC

Defense Communications Harris Corporation HRS N 2 AG 75.84 90.00 84.78 60.78 13.4 5.00 5.14 A 5.68 Jun 7,904 2.5 CQ HEICO Corporation HEI N 2 AG 50.36 64.00 63.73 46.03 26.1 1.80 1.93 2.11 Oct 3,364 0.3 CQ Teledyne Technologies Incorporated TDY N 2 AG 96.32 112.00 111.81 91.17 17.2 5.76 5.61 5.73 Dec 3,408 0.0 CQ

Electronic Manufacturing Services Benchmark Electronics, Inc. BHE N 2 AG 20.97 24.00 25.92 20.26 13.1 1.65 1.60 1.75 Dec 1,141 0.0 BGA Celestica, Inc. CLS N 3 AG 11.80 NM 13.49 9.20 11.2 1.00 1.05 1.25 Dec 1,710 0.0 BGA Flex FLEX Q 3 AG 10.32 NM 12.86 8.46 10.2 0.89 1.08 A 1.01 Mar 5,965 0.0 BGA Jabil Circuit, Inc. JBL N 2 AG 18.56 27.00 24.95 16.90 9.3 0.52 1.99 2.40 Aug 3,643 1.7 BGA Plexus Corp. PLXS Q 2 AG 36.58 43.00 46.44 34.07 13.1 2.72 2.79 3.05 Sep 1,262 0.0 BGA Sanmina Corporation SANM Q 3 HR 19.08 NM 26.08 16.57 8.7 1.99 2.20 2.30 Sep 1,631 0.0 BGA


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Technology & Communications - USA Infrastructure Software Akamai Technologies, Inc. AKAM Q 3 AG 68.17 NM 78.44 51.74 28.5 2.48 2.39 2.78 Dec 12,188 0.0 MT CA Technologies CA Q 3 AG 26.61 NM 33.42 25.16 11.0 3.02 2.53 A 2.42 Mar 11,589 3.8 MT Check Point Software Technologies CHKP Q 2 AG 79.52 94.00 88.49 65.09 19.9 3.72 4.00 4.50 Dec 14,615 0.0 MT Citrix Systems Inc. CTXS Q 3 AG 68.41 NM 78.42 56.47 18.5 3.30 3.70 4.07 Dec 10,955 0.0 MT CommVault Systems Inc. CVLT Q 3 AG 35.14 NM 56.17 33.56 51.7 1.94 1.40 A 0.68 Mar 1,586 0.0 MT FireEye Inc. FEYE Q 3 HR 38.15 NM 55.33 24.81 NM (1.96) (1.74) (1.32) Dec 7,722 0.0 MT Fortinet Inc. FTNT Q 2 AG 42.54 52.00 50.31 23.08 81.8 0.48 0.52 0.68 Dec 7,251 0.0 MT Limelight Networks LLNW Q 4 NM 2.36 NM 4.43 2.11 NM (0.13) (0.14) (0.10) Dec 237 0.0 MT Microsoft MSFT Q 3 G 42.71 NM 50.05 39.72 23.7 2.63 1.48 A 1.80 Jun 342,833 2.9 MT MobileIron, Inc. MOBL Q 2 HR 3.92 8.00 12.96 3.50 NM (1.03) (0.81) (0.57) Dec 308 0.0 MT New Relic, Inc. NEWR N 2 HR 33.43 43.00 38.87 29.66 NM (0.76) (0.85) A (0.94) Mar 1,575 0.0 MT Oracle Corp. ORCL N 2 G 36.91 45.00 46.71 35.14 14.0 2.87 2.77 A 2.64 May 160,300 1.6 MT Palo Alto Networks PANW N 1 AG 167.95 187.00 200.55 79.71 NM 0.40 0.82 1.58 Jul 14,040 0.0 MT Rapid7, Inc. RPD Q 2 HR 22.36 28.00 27.45 16.51 NM (2.32) (1.54) (0.82) Dec 982 0.0 MT Red Hat, Inc. RHT N 2 HR 73.05 85.00 81.49 52.53 39.9 1.49 1.60 A 1.83 Feb 13,408 0.0 MT ServiceNow, Inc. NOW N 1 AG 71.41 90.00 83.52 54.05 NM (0.07) 0.18 0.43 Dec 12,725 0.0 MT Splunk Inc. SPLK Q 2 AG 61.48 80.00 76.85 45.10 NM NA 0.09 A 0.13 Jan 7,706 0.0 MT Symantec Corp. SYMC Q 2 TR 20.63 29.00 27.32 19.35 11.5 1.95 1.88 A 1.79 Mar 14,111 2.9 MT VMware VMW N 2 AG 78.09 92.00 99.71 73.65 19.5 3.56 4.00 4.60 Dec 33,026 0.0 MT

Internet eCommerce Alibaba Group Holding Ltd. BABA N 2 AG 68.66 87.00 120.00 58.00 27.4 1.90 2.25 A 2.51 Mar 177,692 0.0 AK,JP Amazon.com Inc. AMZN Q 1 AG 500.77 640.00 580.57 284.00 85.5 2.24 5.86 10.44 Dec 238,367 0.0 AK,JP CafePress Inc. PRSS Q 3 AG 4.38 NM 5.36 1.95 NM (1.03) (0.14) (0.02) Dec 77 0.0 AK,JP Chegg, Inc. CHGG N 2 HR 7.25 10.00 8.85 5.53 NM (0.75) (0.83) (0.65) Dec 629 0.0 AK,JP eBay Inc. EBAY Q 3 AG 26.17 NM 29.35 19.50 14.6 2.97 1.79 1.83 Dec 32,058 0.0 AK,JP Groupon, Inc. GRPN Q 3 AG 4.27 NM 8.43 3.53 32.8 0.13 0.13 0.16 Dec 2,898 0.0 AK,JP GrubHub Inc. GRUB N 1 AG 25.92 45.00 47.95 24.85 37.6 0.47 0.69 0.90 Dec 2,224 0.0 AK,JP Netflix Inc. NFLX Q 2 AG 110.13 140.00 129.29 45.08 NM 0.62 0.19 0.25 Dec 47,774 0.0 JP,AK Shutterfly, Inc. SFLY Q 3 AG 38.01 NM 51.69 36.39 NM (0.20) 0.00 0.64 Dec 1,406 0.0 AK,JP Shutterstock, Inc. SSTK N 2 AG 30.43 45.00 84.06 28.96 24.3 1.06 1.25 1.58 Dec 1,095 0.0 AK,JP Wayfair, Inc. W N 2 HR 43.05 55.00 56.84 16.74 NM (1.39) (0.75) (0.39) Dec 3,605 0.0 AK,JP

Internet & Advertising Technology Criteo S.A. ($E) CRTO Q 2 AG 42.42 62.00 57.30 28.09 42.8 0.85 0.99 1.45 Dec 2,626 0.0 JP,AK TubeMogul, Inc. TUBE Q 3 HR 10.96 NM 23.83 9.11 NM (0.22) (0.67) (0.61) Dec 374 0.0 JP,AK Wix.com Ltd. WIX Q 2 HR 20.34 30.00 28.63 15.91 NM (1.06) (0.80) (0.52) Dec 781 0.0 AK,JP


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Technology & Communications - USA Online Advertising Angie's List, Inc. ANGI Q 4 NM 4.82 NM 8.90 3.73 24.1 (0.21) 0.20 0.38 Dec 282 0.0 AK,JP Facebook, Inc. FB Q 2 AG 87.19 115.00 99.24 70.32 41.1 1.76 2.12 2.87 Dec 248,492 0.0 AK,JP Google Inc. GOOG Q 2 AG 628.62 720.00 678.64 486.23 21.7 25.14 28.92 34.39 Dec 434,376 0.0 AK,JP LinkedIn Corp. LNKD N 1 AG 178.47 271.00 276.18 165.57 76.6 2.02 2.33 3.88 Dec 23,380 0.0 JP,AK Pandora Media, Inc. P N 3 AG 17.64 NM 28.53 13.30 NM 0.20 0.16 0.50 Dec 3,904 0.0 JP,AK Rubicon Project, Inc. RUBI N 2 AG 14.36 24.00 20.59 8.76 28.7 0.20 0.50 0.76 Dec 626 0.0 AK,JP Twitter, Inc. TWTR N 3 AG 25.03 NM 55.99 21.01 75.8 0.15 0.33 0.64 Dec 17,521 0.0 AK,JP Yahoo! Inc. YHOO Q 2 AG 32.52 45.00 52.62 29.00 50.0 1.62 0.65 0.69 Dec 30,829 0.0 AK,JP Yelp, Inc. YELP N 3 AG 23.38 NM 86.88 20.50 NM 0.48 (0.16) 0.01 Dec 1,887 0.0 AK,JP Zillow Group, Inc. Z Q 3 AG 25.00 NM 28.82 22.99 NM (0.36) (1.24) (0.42) Dec 4,850 0.0 AK,JP

Online Travel Ctrip.com International, Ltd. (r) CTRP Q 1 AG 64.08 111.00 87.62 40.74 85.4 0.78 0.75 1.59 Dec 10,240 0.0 JP,AK Expedia, Inc. EXPE Q 2 AG 115.24 125.00 128.47 70.91 26.5 3.98 4.35 5.72 Dec 15,327 0.8 JP,AK HomeAway, Inc. AWAY Q 2 AG 28.05 35.00 36.19 25.13 43.2 0.67 0.65 0.79 Dec 2,668 0.0 JP,AK priceline.com Incorporated PCLN Q 1 AG 1223.46 1560.00 1395.00 990.69 21.3 53.34 57.55 69.31 Dec 64,232 0.0 JP,AK TripAdvisor, Inc. TRIP Q 3 AG 68.38 NM 104.44 62.50 30.9 1.93 2.21 2.75 Dec 9,983 0.0 JP,AK

IT Hardware and Distribution Arrow Electronics, Inc. ARW N 3 AG 53.31 NM 64.98 45.47 8.4 5.94 6.32 6.75 Dec 5,155 0.0 BGA Avnet, Inc. AVT N 3 AG 40.64 NM 47.27 35.53 8.6 4.24 4.49 A 4.75 Jun 5,592 1.7 BGA CDW Corporation CDW Q 2 AG 39.48 44.00 40.01 27.59 13.7 2.37 2.89 3.18 Dec 6,810 0.7 BGA EMC Corporation EMC N 1 AG 24.18 32.00 30.92 22.66 12.8 1.90 1.89 2.20 Dec 47,078 1.9 BGA Hewlett-Packard HPQ N 3 G 27.10 NM 41.10 24.85 7.5 3.74 3.61 3.67 Oct 49,539 2.5 BGA Ingram Micro Inc. IM N 1 AG 25.12 32.00 29.10 22.22 9.6 2.56 2.63 3.20 Dec 4,007 1.6 BGA Insight Enterprises, Inc. NSIT Q 4 NM 25.64 NM 32.80 21.59 12.2 2.00 2.10 2.40 Dec 982 0.0 BGA Lexmark International, Inc. LXK N 3 TR 28.87 NM 50.57 27.22 8.2 4.06 3.50 4.00 Dec 1,776 5.0 BGA NetApp Inc. NTAP Q 3 AG 30.58 NM 43.75 28.88 13.1 2.78 2.70 A 2.33 Apr 9,361 2.4 BGA Nimble Storage NMBL N 1 HR 26.72 32.00 32.16 20.82 NM (0.56) (0.58) A (0.25) Jan 2,080 0.0 BGA PC Connection, Inc. PCCC Q 4 NM 19.91 NM 29.50 19.20 11.8 1.61 1.69 1.75 Dec 530 0.0 BGA ScanSource, Inc. SCSC Q 2 AG 34.51 44.00 42.52 29.53 12.9 2.54 2.53 A 2.68 Jun 987 0.0 CQ SYNNEX Corporation SNX N 3 AG 77.22 NM 85.25 59.27 12.3 6.16 6.30 7.20 Nov 3,035 0.6 BGA Tech Data Corporation TECD Q 3 AG 62.42 NM 70.09 52.22 11.0 4.52 4.97 A 5.65 Jan 2,285 0.0 BGA


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Technology & Communications - USA IT Services and Security IT Services Accenture plc ACN N 3 G 95.04 NM 105.37 73.98 19.9 4.52 4.78 5.11 Aug 61,833 2.1 BG Booz Allen Hamilton Holding Corp. BAH N 2 AG 26.63 32.00 31.30 21.98 16.2 1.63 1.60 A 1.64 Mar 3,976 2.0 BG CACI International Inc. CACI N 2 AG 77.31 96.00 92.20 69.15 14.3 5.38 5.17 A 5.39 Jun 1,902 0.0 BG Computer Sciences Corporation CSC N 2 AG 61.96 80.00 73.29 54.23 12.8 4.27 4.64 A 4.85 Mar 8,598 1.5 BG Cubic Corporation CUB N 2 AG 41.22 53.00 55.73 39.86 36.8 2.59 1.12 2.95 Sep 1,108 0.7 BG MAXIMUS Inc. MMS N 3 AG 61.82 NM 70.00 38.93 25.5 2.10 2.42 2.97 Sep 4,076 0.3 BG NCI, Inc. NCIT Q 3 AG 12.71 NM 13.13 8.20 15.5 0.69 0.82 0.83 Dec 173 0.0 BG Unisys Corporation UIS N 3 HR 13.41 NM 30.65 12.13 NM 0.95 (2.64) (0.73) Dec 670 0.0 BG

Security The ADT Corporation ADT N 2 TR 32.17 45.00 42.88 29.61 16.5 2.02 1.95 2.09 Sep 5,490 2.6 BG AeroVironment Inc. AVAV Q 3 AG 23.41 NM 33.85 22.00 NM 0.60 0.13 A 0.15 Apr 541 0.0 BG FLIR Systems FLIR Q 2 AG 27.63 38.00 34.46 26.34 16.5 1.39 1.67 1.90 Dec 3,910 1.6 BG iRobot Corporation IRBT Q 2 AG 27.81 41.00 38.10 27.55 22.6 1.25 1.23 1.57 Dec 840 0.0 BG NIC Inc. EGOV Q 3 AG 18.55 NM 20.28 15.16 29.9 0.59 0.62 0.67 Dec 1,217 0.0 BG

Satellite & Space Comtech Telecommunications Corp. (ae) CMTL Q 3 AG 25.42 NM 40.69 24.82 NM 61 53 63 Jul 410 4.7 CQ DigitalGlobe, Inc. (ae) DGI N 1 AG 22.42 40.00 35.91 21.00 NM 286 360 388 Dec 1,603 0.0 CQ EchoStar Corporation (ae) SATS Q 2 AG 43.37 60.00 56.00 40.02 NM 905 892 978 Dec 4,007 0.0 CQ Intelsat S.A. (ae) I N 3 AG 9.05 NM 20.08 7.56 NM 1,959 1,845 1,783 Dec 977 0.0 CQ Iridium Communications Inc. (ae) IRDM Q 1 AG 6.91 13.00 11.36 6.32 NM 217 231 254 Dec 655 0.0 CQ KVH Industries KVHI Q 1 AG 10.94 17.00 15.79 9.74 13.7 0.61 0.80 1.14 Dec 171 0.0 CQ ORBCOMM, Inc. (ae) ORBC Q 1 HR 5.81 9.00 7.62 5.27 NM 18 42 53 Dec 409 0.0 CQ Orbital ATK, Inc. OA N 2 AG 73.73 90.00 81.06 46.77 15.9 4.20 4.65 5.51 Dec 4,382 2.1 CQ TeleCommunication Systems TSYS Q 3 AG 3.37 NM 4.24 2.72 13.5 0.20 0.25 0.29 Dec 230 0.0 CQ ViaSat, Inc. (ae) VSAT Q 3 AG 59.23 NM 68.84 52.26 NM 221 345 A 358 Mar 2,825 0.0 CQ


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Technology & Communications - USA Semiconductors Advanced Micro Devices AMD Q 2 HR 1.72 3.30 4.25 1.61 NM (0.52) (0.72) (0.03) Dec 1,338 0.0 HM Altera Corporation ALTR Q 3 AG 47.91 NM 51.91 30.47 43.6 1.51 1.10 1.68 Dec 14,593 1.5 HM Applied Micro Circuits Corporation AMCC Q 1 HR 5.48 11.00 8.60 4.61 NM 0.08 (0.22) A (0.09) Mar 443 0.0 HM ARM Holdings plc (r) ARMH Q 2 G 41.21 62.00 54.82 37.75 29.0 1.18 1.42 1.68 Dec 19,534 1.0 HM Atmel Corporation ATML Q 2 AG 7.76 9.00 10.50 5.84 22.2 0.39 0.35 0.46 Dec 3,303 2.1 HM Broadcom Corporation BRCM Q 3 AG 49.85 NM 57.70 34.50 17.9 2.35 2.78 3.05 Dec 305,880 1.1 HM,JSS Cavium Inc. CAVM Q 1 AG 67.51 94.00 77.42 38.73 NM (0.29) (0.24) 1.34 Dec 4,024 0.0 HM Cree, Inc. CREE Q 4 NM 25.66 NM 45.98 23.36 24.7 1.65 0.60 A 1.04 Jun 2,735 0.0 HM Intel Corporation INTC Q 4 NM 27.30 NM 37.90 24.87 12.7 2.32 2.15 2.05 Dec 134,016 3.5 HM Marvell Technology Group, Ltd. MRVL Q 2 AG 10.48 16.00 16.78 10.00 17.5 1.02 1.15 A 0.60 Jan 5,424 2.3 HM Micron Technology, Inc. MU Q 1 AG 14.42 38.00 36.59 13.50 5.4 3.23 2.69 2.92 Aug 16,871 0.0 HM NVIDIA Corporation NVDA Q 1 AG 21.81 27.00 23.95 16.77 26.6 0.74 1.12 A 0.82 Jan 12,126 1.8 HM OmniVision Technologies, Inc. OVTI Q 3 HR 23.29 NM 28.95 20.00 25.0 1.70 1.58 A 0.93 Apr 1,449 0.0 HM Pericom Semiconductor Corporation PSEM Q 2 AG 12.00 16.00 16.81 9.00 14.3 0.36 0.73 A 0.84 Jun 280 2.0 HM SanDisk Corp. SNDK Q 3 AG 49.51 NM 106.64 44.28 31.7 4.23 1.56 2.94 Dec 10,734 2.4 HM Xilinx, Inc. XLNX Q 1 G 41.24 57.00 48.73 36.24 21.0 2.19 2.35 A 1.96 Mar 11,052 3.0 HM

Telecommunications Services Towers American Tower (af) AMT N 1 AG 91.53 120.00 106.31 89.39 18.5 4.54 4.95 5.60 Dec 38,741 1.9 RP Crown Castle International (af) CCI N 2 TR 81.64 92.00 89.44 74.45 19.3 3.97 4.24 4.75 Dec 27,104 4.0 RP SBA Communications (af) SBAC Q 1 AG 114.99 143.00 128.47 103.83 20.2 5.22 5.68 6.58 Dec 14,745 0.0 RP

Wireless America Movil, S.A.B. de C.V. (is, r, vf) AMX N 3 G 17.55 NM 26.95 15.60 16.1 1.18 1.09 1.50 Dec 62,934 1.9 RP Atlantic Tele-Network, Inc. (vf) ATNI Q 2 G 70.76 75.00 76.00 53.27 23.4 3.39 3.02 1.50 Dec 1,135 1.6 RP Landmark Infrastructure Partners L.P. (y) LMRK Q 1 TR 14.75 20.00 19.25 10.54 11.3 0.15 1.31 1.42 Dec 159 8.3 RP NTELOS Holdings Corp. (vf) NTLS Q 4 NM 9.16 NM 13.25 3.85 NM (0.08) (1.07) (0.93) Dec 204 0.0 RP Shenandoah Telecommunications Co. (vf) SHEN Q 2 G 39.38 45.00 44.20 23.67 27.5 2.20 1.43 (0.32) Dec 953 1.2 RP Sprint Corp. (f, vf) S N 3 HR 4.79 NM 7.15 3.10 NM (0.46) (0.41) (0.44) Mar 18,892 0.0 RP Telephone and Data Systems, Inc. (vf) TDS N 1 HR 27.36 42.00 30.76 22.19 NM (1.78) (1.18) 0.22 Dec 2,970 2.0 RP T-Mobile US Inc. (vf) TMUS N 2 HR 38.96 42.00 42.56 24.26 46.4 (0.17) 0.84 1.93 Dec 29,688 0.0 RP U.S. Cellular (vf) USM N 1 HR 35.88 48.00 40.92 31.79 NM (2.74) (1.91) (0.44) Dec 3,026 0.0 RP


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Technology & Communications - USA Wireline AT&T Inc. T N 2 TR 32.69 39.00 36.45 30.97 12.4 2.50 2.63 2.80 Dec 201,076 5.8 FGL Cablevision Systems Corp. (fc) CVC N 2 HR 23.29 28.00 28.95 16.94 16.5 1.40 1.41 1.55 Dec 6,439 2.6 FGL CenturyLink CTL N 2 TR 26.37 34.00 41.99 24.81 10.5 2.61 2.52 2.41 Dec 14,846 8.2 FGL Charter Communications, Inc. (fc) CHTR Q 2 AG 177.60 210.00 199.00 137.51 25.1 1.58 7.08 9.98 Dec 20,282 0.0 FGL Cincinnati Bell Inc. CBB N 2 HR 3.44 4.25 4.16 2.85 3.7 0.31 0.92 0.15 Dec 722 0.0 FGL Cogent Communications Holdings Inc. (fa) CCOI Q 2 AG 27.52 35.00 40.48 26.08 67.1 0.09 0.41 1.23 Dec 1,256 4.9 FGL Comcast Corp. CMCSA Q 1 G 55.40 72.00 64.99 49.33 16.8 2.93 3.30 3.76 Dec 140,217 1.8 FGL Consolidated Communications Holdings CNSL Q 3 TR 19.43 NM 28.81 18.51 25.2 0.92 0.77 0.68 Dec 981 8.0 FGL CyrusOne Inc. (af) CONE Q 1 AG 31.42 34.00 35.55 23.59 14.2 1.71 2.21 2.35 Dec 2,074 4.0 FGL,WAC DISH Network Corp. DISH Q 3 HR 58.57 NM 80.75 54.62 24.1 2.04 2.43 2.03 Dec 27,126 0.0 FGL Equinix EQIX Q 1 AG 260.80 315.00 288.50 182.83 53.6 3.09 4.87 5.89 Dec 15,518 2.6 FGL Frontier Communications Corp. FTR Q 2 TR 4.84 6.00 8.46 4.19 NM 0.19 0.02 0.37 Dec 5,021 8.7 FGL Inteliquent IQNT Q 2 HR 18.80 20.00 23.20 11.80 15.8 1.16 1.19 1.19 Dec 632 3.2 FGL Internap Network Services Corp. INAP Q 2 HR 7.91 10.00 10.75 6.50 NM (0.77) (0.73) (0.55) Dec 439 0.0 FGL InterXion Holding NV ($E) INXN N 3 HR 27.01 NM 33.16 24.53 53.0 0.46 0.51 0.60 Dec 1,879 0.0 FGL Level 3 Communications Inc. (fc) LVLT N 3 HR 44.53 NM 57.08 37.61 24.5 1.21 1.82 2.71 Dec 15,789 0.0 FGL Rackspace Hosting RAX N 1 AG 31.44 48.00 56.20 26.87 38.8 0.77 0.81 0.87 Dec 4,543 0.0 FGL Time Warner Cable Inc. TWC N 2 AG 185.20 210.00 194.22 128.78 27.9 7.57 6.64 7.95 Dec 52,930 1.6 FGL Verizon Communications VZ N 2 TR 45.16 55.00 51.73 38.06 11.9 3.43 3.79 3.85 Dec 184,479 4.9 FGL Windstream Holdings Inc. WIN Q 3 HR 6.69 NM 18.38 4.42 NM 0.61 (1.73) (3.62) Dec 672 9.0 FGL Zayo Group Holdings, Inc. (fc) ZAYO N 1 AG 27.48 31.00 32.18 21.21 NM 1.04 0.15 0.71 Jun 6,661 0.0 FGL


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Technology & Communications - USA Transaction Processing ACI Worldwide, Inc. ACIW Q 4 NM 21.08 NM 25.80 17.33 25.1 0.72 0.84 0.76 Dec 2,483 0.0 WJ Alliance Data Systems Corp. ADS N 2 AG 257.81 325.00 312.00 230.54 17.2 12.61 15.00 17.29 Dec 15,913 0.0 WJ Blackhawk Network Holdings, Inc. HAWK Q 2 AG 40.06 50.00 46.13 27.26 17.6 1.77 2.28 2.75 Dec 2,239 0.0 WJ Bottomline Technologies EPAY Q 2 AG 25.17 29.00 30.78 21.01 16.3 1.28 1.44 A 1.54 Jun 954 0.0 WJ DH Corporation DH T 3 TR C$39.37 NM 44.14 29.85 16.8 2.34 2.35 2.49 Dec 4,168 3.3 WJ Equifax, Inc. EFX N 3 G 96.37 NM 105.86 69.04 21.9 3.89 4.40 4.88 Dec 11,651 1.2 WJ Fidelity National Information Services FIS N 2 G 69.45 68.00 72.30 51.38 20.9 3.10 3.32 3.70 Dec 19,557 1.5 WJ FleetCor Technologies FLT N 2 AG 147.29 165.00 165.67 121.42 23.7 5.15 6.22 7.08 Dec 13,860 0.0 WJ Global Payments Inc. GPN N 3 G 109.12 NM 118.59 68.60 19.4 4.12 5.04 A 5.63 May 7,224 0.1 WJ Heartland Payment Systems HPY N 2 G 58.68 68.00 65.30 46.49 20.4 1.36 2.87 3.24 Dec 2,154 0.7 WJ Intuit Inc. INTU Q 3 G 83.29 NM 109.21 77.96 24.3 3.49 2.64 A 3.43 Jul 23,733 1.2 WJ MasterCard, Inc. MA N 3 G 91.71 NM 99.18 69.64 27.6 3.10 3.32 3.70 Dec 104,001 0.7 WJ On Deck Capital, Inc. ONDK N 3 AG 8.67 NM 28.98 7.75 NM (0.09) 0.02 0.23 Dec 656 0.0 WJ PayPal Holdings, Inc. PYPL Q 2 AG 33.17 45.00 42.55 30.00 26.3 1.04 1.26 1.48 Dec 39,804 0.0 WJ Total System Services TSS N 2 AG 44.71 48.00 48.67 28.54 19.5 1.95 2.29 2.56 Dec 8,224 0.9 WJ Vantiv, Inc. VNTV N 2 AG 43.20 47.00 45.81 29.35 19.5 1.87 2.21 2.62 Dec 8,718 0.0 WJ VeriFone Systems, Inc. PAY N 2 AG 30.44 44.00 39.25 27.90 16.6 1.51 1.83 2.22 Oct 3,477 0.0 WJ Visa, Inc. V N 3 G 70.69 NM 76.92 48.80 27.6 2.19 2.56 2.88 Sep 171,989 0.7 WJ


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Technology & Communications - CAN Steven Li, CFA [email protected]

IT Hardware Avigilon Corporation AVO T 2 AG C$13.42 24.00 25.62 12.57 17.4 0.80 0.77 1.17 Dec 636 0.0 SLi Baylin Technologies Inc. BYL T 2 AG C$1.50 3.25 4.45 1.28 NM (0.75) (0.56) 0.18 Dec 28 0.0 SLi BlackBerry (f) BBRY Q 3 HR US$6.79 10.25 12.63 6.41 NM (1.35) (0.09) A (0.19) Feb 3,593 0.0 SLi DragonWave DRWI Q 3 HR US$0.23 0.45 1.55 0.19 NM (1.01) (0.32) A (0.18) Feb 17 0.0 SLi Evertz Technologies Ltd. (f) ET T 2 G C$14.99 19.00 18.73 14.66 15.0 0.85 0.87 A 1.00 Apr 1,124 4.8 SLi Lumenpulse Inc. LMP T 2 AG C$14.30 20.00 20.90 12.50 30.4 (0.38) 0.07 A 0.47 Apr 369 0.0 SLi Sierra Wireless SWIR Q 3 AG US$20.97 28.00 49.13 18.81 19.4 0.63 1.08 1.40 Dec 690 0.0 SLi UrtheCast Corp. UR T 2 AG C$2.08 7.00 4.99 1.04 NM (0.09) (0.15) 0.12 Dec 216 0.0 SLi

Software/IT Services CGI Group GIB.A T 2 G C$48.55 60.00 57.69 36.35 15.7 2.80 3.09 3.49 Sep 15,667 0.0 SLi The Descartes Systems Group Inc. DSGX Q 2 G US$16.58 17.50 17.37 12.45 26.7 0.54 0.57 A 0.62 Jan 1,265 0.0 SLi MacDonald Dettwiler & Associates MDA T 3 G C$76.60 93.00 101.42 70.55 12.1 5.76 6.33 6.77 Dec 2,773 1.9 SLi NexJ Systems Inc. NXJ T 3 HR C$1.95 2.50 2.94 1.15 NM (0.59) (0.44) (0.34) Dec 40 0.0 SLi Open Text OTEX Q 2 G US$44.50 60.00 61.74 36.65 12.1 3.37 3.46 A 3.67 Jun 5,469 1.8 SLi Redknee Solutions Inc. RKN T 2 AG C$3.67 6.00 5.23 2.83 26.2 (0.01) 0.14 0.26 Sep US$401 0.0 SLi


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Technology & Communications - EUR Stephane Beyazian, RJFI [email protected]

Telecommunications Services Bouygues BOUY.PA EPA 3 €31.54 NM 39.24 23.70 22.7 1.45 1.39 1.57 Dec 10,596 5.1 SB BT BT.L L 4 427p 433 482 352 14.2 28.00 32.00 A 30.00 Mar £33,185 3.3 SB Deutsche Telekom DTE.DE ETR 2 €14.81 17.00 17.63 10.08 17.0 0.54 0.87 0.99 Dec 68,243 3.7 SB Iliad ILD.PA EPA 2 €202.20 232.00 237.95 149.35 34.1 4.91 5.93 7.69 Dec 11,728 0.3 SB KPN KPN.AS AMS 2 €3.31 4.00 3.66 2.13 41.4 (0.03) 0.08 0.09 Dec 14,102 2.4 SB Mobistar MSTAR.BR EBR 1 €17.80 24.00 21.43 13.72 27.0 1.05 0.66 1.04 Dec 1,068 0.0 SB Orange ORA.PA EPA 3 €13.63 NM 16.45 10.20 15.8 0.64 0.86 0.92 Dec 36,093 4.4 SB Proximus PROX.BR EBR 4 €31.23 28.00 35.88 24.92 21.4 1.71 1.46 1.54 Dec 10,025 4.8 SB Sky SKY.L L 3 1,015p NM 1,180 840 15.4 60.00 56.00 A 65.90 Jun £17,448 3.3 SB TalkTalk Telecom Group TALK.L L 3 296p NM 415 261 21.1 14.00 E 8.20 A 18.00 Mar £2,726 5.4 SB Telecom Italia TLIT.MI BIT 2 €1.12 1.32 1.28 0.74 18.7 0.06 0.06 0.07 Dec 20,533 0.0 SB Telefonica TEF.MC MCE 3 €12.32 NM 14.31 10.34 21.6 0.80 0.57 0.67 Dec 58,558 6.1 SB Telenet Group TNET.BR EBR 3 €49.52 NM 57.00 40.68 30.4 1.48 1.63 2.05 Dec 5,744 0.0 SB TeliaSonera AB TLSN.ST STO 3 SEK46.66 NM 55.85 44.37 11.5 3.63 4.04 4.00 Dec 202,038 6.4 SB Vivendi VIV.PA EPA 3 €21.94 NM 24.83 17.32 39.9 0.46 0.55 0.57 Dec 29,663 13.7 SB Vodafone VOD.L L 3 217p NM 258 179 49.3 17.40 5.50 A 4.40 Mar £62,467 5.3 SB

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Technology & Communications - LAT Federico Rey Marino [email protected] Fernando Suarez [email protected]

Telecom & Media Grupo Clarin S.A. GCLA BA S NM AR$82.00 NM 95.00 45.00 NM 2.80 NA NA Dec 23,568 1.0 FRM,FS

Telecommunications Services Telecom Argentina S.A. (ed, r) TEO N 2 TR US$15.61 22.00 26.39 14.28 7.0 2.36 2.23 1.71 Dec 3,074 4.1 FS,FRM


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Transportation - USA Patrick Tyler Brown, CFA [email protected] Arthur W. Hatfield, CFA [email protected]

Savanthi Syth, CFA [email protected]

Airlines Hybrid Carriers Alaska Air Group ALK N 1 AG 76.32 95.00 82.15 40.69 12.1 4.18 6.29 6.75 Dec 9,771 1.0 SS Copa Holdings, S.A. (is) CPA N 3 AG 49.45 NM 127.58 48.38 9.9 11.14 5.00 5.25 Dec 2,181 6.8 SS LATAM Airlines Group S.A. (is, r) LFL N 4 NM 5.18 NM 13.26 4.76 30.5 0.18 0.17 0.40 Dec 2,826 0.0 SS Virgin America Inc. VA Q 2 AG 32.32 38.00 45.43 26.50 7.3 2.48 4.45 4.95 Dec 1,425 0.0 SS

Legacy Carriers American Airlines Group, Inc. AAL Q 3 HR 38.85 NM 56.20 28.10 4.3 5.71 9.07 9.05 Dec 27,506 1.0 SS Delta Air Lines, Inc. DAL N 2 HR 43.70 58.00 51.06 30.12 9.4 3.38 4.65 5.60 Dec 34,759 1.2 SS United Continental Holdings, Inc. UAL N 2 HR 53.95 70.00 74.52 39.46 5.0 5.06 10.83 11.70 Dec 20,438 0.0 SS

Transportation

USA Canada Europe

Airlines ........................................................................ 78

Hybrid Carriers ........................................................ 78

Legacy Carriers ........................................................ 78

Low Cost Carriers ..................................................... 79

Regional Carriers ..................................................... 79

Transportation Services .............................................. 79

Intermodal and Asset-Light Logistics ....................... 79

Leasing ..................................................................... 79

Parcel Carriers ......................................................... 79

Railroad ................................................................... 79

Transportation Equipment & Supplies .................... 79

Trucking (Truckload and LTL) ................................... 80

Airlines ........................................................................ 80

Railroads ..................................................................... 80

Transportation & Logistics .......................................... 80

Airlines ........................................................................ 81


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Transportation - USA Low Cost Carriers Allegiant Travel Co. ALGT Q 2 AG 215.93 250.00 238.13 104.52 17.2 6.34 12.52 14.00 Dec 3,671 0.6 SS GOL Linhas Aereas Inteligentes S.A. (r) GOL N 3 HR 1.18 NM 7.04 1.07 NM (0.65) (0.96) (0.70) Dec 324 0.0 SS JetBlue Airways JBLU Q 2 AG 22.21 27.00 24.64 9.38 11.9 0.74 1.87 2.05 Dec 7,729 0.0 SS Ryanair Holdings plc (is, r) RYAAY Q 3 AG 72.51 NM 76.33 49.70 17.3 2.39 4.14 A 4.20 Mar 19,955 0.0 SS Southwest Airlines Co. LUV N 3 AG 37.39 NM 47.17 28.40 10.7 2.02 3.50 3.85 Dec 24,653 0.8 SS Spirit Airlines, Inc. SAVE Q 1 AG 51.08 77.00 85.35 46.27 12.3 3.23 4.14 4.85 Dec 3,719 0.0 SS

Regional Carriers SkyWest, Inc. SKYW Q 2 HR 15.70 19.00 17.95 7.01 8.8 0.51 1.79 1.90 Dec 793 1.0 SS

Transportation Services Intermodal and Asset-Light Logistics C.H. Robinson Worldwide CHRW Q 3 G 67.26 NM 77.49 61.46 19.2 3.05 3.50 3.80 Dec 9,800 2.3 TB Expeditors International of Washington, Inc. EXPD Q 3 G 48.94 NM 50.08 38.14 21.6 1.92 2.27 2.43 Dec 9,255 1.5 AH,TB Forward Air Corporation FWRD Q 3 AG 44.99 NM 57.65 43.30 20.5 1.96 2.20 2.70 Dec 1,399 1.1 AH,TB Hub Group, Inc. HUBG Q 3 AG 37.71 NM 44.50 32.69 19.1 1.73 1.97 2.15 Dec 1,385 0.0 TB,AH J.B. Hunt Transport Services, Inc. JBHT Q 3 AG 72.87 NM 93.50 71.00 20.4 3.16 3.57 4.10 Dec 8,584 1.2 TB Landstar System, Inc. LSTR Q 3 G 66.41 NM 81.80 60.51 19.7 3.07 3.37 3.70 Dec 2,894 0.5 TB,AH Roadrunner Transportation Systems, Inc. RRTS N 2 AG 21.22 30.00 28.51 19.57 12.5 1.36 1.70 2.00 Dec 812 0.0 AH UTi Worldwide, Inc. UTIW Q 3 AG 6.73 NM 14.75 6.54 NM (0.13) (0.78) A (0.14) Jan 710 0.0 AH,TB XPO Logistics, Inc. XPO N 2 HR 34.86 53.00 50.96 30.33 NM (1.01) (0.77) (0.84) Dec 4,671 0.0 TB,AH

Leasing GATX Corporation GMT N 2 TR 47.32 59.00 66.76 42.94 8.8 4.48 5.35 5.00 Dec 2,045 3.2 AH Ryder System, Inc. R N 2 G 79.03 105.00 100.64 75.56 12.1 5.60 6.54 7.25 Dec 4,218 2.1 AH TAL International Group, Inc. TAL N 3 TR 16.89 NM 46.39 15.65 5.4 3.80 3.15 2.91 Dec 562 17.1 AH Textainer Group Holdings Limited TGH N 3 TR 16.67 NM 36.22 15.50 6.4 2.86 2.62 2.30 Dec 950 11.3 AH

Parcel Carriers FedEx Corporation FDX N 1 G 148.43 205.00 185.19 130.01 13.5 6.75 8.92 A 11.00 May 41,991 0.7 AH,TB United Parcel Service UPS N 3 TR 96.63 NM 114.40 93.64 18.2 4.75 5.30 5.80 Dec 94,408 3.0 AH,TB

Railroad CSX Corp. CSX N 3 G 26.37 NM 37.99 24.47 13.1 1.92 2.02 2.16 Dec 26,080 2.7 TB Genesee & Wyoming Inc. GWR N 1 AG 64.58 86.00 105.49 62.99 17.1 4.10 3.78 4.27 Dec 3,688 0.0 TB,AH Kansas City Southern KSU N 1 AG 89.46 115.00 126.49 86.38 19.9 4.82 4.50 5.35 Dec 9,876 1.5 TB,AH Norfolk Southern Corp. NSC N 3 G 74.12 NM 117.64 72.10 13.6 6.39 5.45 6.20 Dec 22,644 3.2 TB,AH Union Pacific Corp. UNP N 1 G 84.10 108.00 124.52 79.31 15.0 5.75 5.60 6.35 Dec 73,124 2.6 TB,AH

Transportation Equipment & Supplies American Railcar Industries, Inc. ARII Q 4 NM 37.99 NM 82.22 34.90 6.1 4.72 6.21 4.10 Dec 811 4.2 AH Fortress Transportation & Infrastructure Investors LLC FTAI N 1 TR 13.45 20.00 19.20 12.54 22.0 0.39 0.61 1.60 Dec 1,018 9.8 AH The Greenbrier Companies, Inc. GBX N 4 NM 38.20 NM 78.32 33.10 6.5 3.08 5.85 4.99 Aug 1,105 1.6 AH Rush Enterprises, Inc. RUSHA Q 1 AG 24.09 36.00 38.27 22.58 13.0 1.96 1.85 2.10 Dec 971 0.0 AH Trinity Industries, Inc. TRN N 4 NM 24.41 NM 50.77 21.79 5.1 4.19 4.75 3.69 Dec 3,769 1.8 AH Wabtec Corporation WAB N 3 G 93.51 NM 105.10 70.20 22.6 3.62 4.14 4.70 Dec 9,039 0.3 AH


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Transportation - USA Trucking (Truckload and LTL) ArcBest Corp. ARCB Q 1 AG 28.15 44.00 47.52 26.90 12.6 1.81 2.23 3.26 Dec 730 0.9 AH,TB Celadon Group, Inc. CGI N 1 AG 18.70 28.00 29.15 18.12 11.1 0.93 1.52 A 1.69 Jun 521 0.4 AH Con-way Inc. CNW N 2 AG 34.72 43.00 53.54 33.06 14.1 2.32 2.46 3.02 Dec 1,987 1.7 AH,TB Heartland Express, Inc. HTLD Q 3 AG 20.45 NM 27.96 19.09 20.5 0.96 1.00 1.10 Dec 1,797 0.4 AH Knight Transportation, Inc. KNX N 2 AG 26.49 36.00 34.73 24.16 17.7 1.25 1.50 1.73 Dec 2,154 0.9 AH Marten Transport, Ltd. MRTN Q 3 AG 17.93 NM 24.92 15.36 16.0 0.89 1.12 1.24 Dec 595 0.6 AH Old Dominion Freight Line, Inc. ODFL Q 3 AG 66.23 NM 81.48 62.17 18.1 3.10 3.66 4.10 Dec 5,663 0.0 AH,TB Saia, Inc. SAIA Q 1 AG 36.69 51.00 62.31 35.54 14.7 2.04 2.50 3.00 Dec 922 0.0 AH,TB Swift Transportation Company SWFT N 1 AG 18.80 32.00 29.44 18.49 10.8 1.38 1.74 2.05 Dec 2,683 0.0 AH Werner Enterprises, Inc. WERN Q 2 AG 26.32 33.00 33.42 23.50 15.3 1.37 1.72 2.00 Dec 1,892 0.9 AH YRC Worldwide Inc. YRCW Q 1 HR 15.79 27.00 25.40 11.90 19.0 (2.33) 0.83 1.65 Dec 504 0.0 AH,TB

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Transportation - CAN Ben Cherniavsky [email protected] Steve Hansen, CMA, CFA [email protected]

Theoni Pilarinos, CFA [email protected]

Airlines Air Canada AC T 3 HR C$11.02 14.00 15.09 6.52 3.2 0.34 3.48 3.31 Dec 3,251 0.0 BC WestJet Airlines WJA T 3 AG C$23.84 26.00 34.95 18.51 8.4 2.46 2.85 3.05 Dec 3,028 2.3 BC

Railroads Canadian National Railway CNR T 3 G C$71.56 85.00 88.89 68.81 17.0 3.76 4.20 4.70 Dec 57,921 1.7 SH Canadian Pacific Railway CP T 2 G C$181.36 235.00 247.56 172.01 17.5 8.50 10.35 12.45 Dec 29,689 0.8 SH

Transportation & Logistics CanWel Building Materials Group Ltd. CWX T 2 AG C$5.31 6.75 6.55 5.04 11.8 0.47 0.45 0.60 Dec 147 10.5 SH Student Transportation Inc. (cb) STB T 3 TR C$5.32 7.25 7.48 4.79 NM 89 77 87 Jun US$463 10.5 TP,SH


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Transportation - EUR Julien Richer, RJEE [email protected]

Airlines Air France-KLM AIRF.PA EPA 2 €6.06 8.80 8.89 5.52 NM (0.67) (0.04) 1.23 Mar 1,818 0.0 JR easyJet plc EZJ.L L 2 1,677p 1,950 1,929 1,285 12.5 114.50 133.90 148.00 Sep £6,658 3.2 JR IAG IAG.MC MAD 3 €7.24 NM 8.56 4.00 9.5 0.48 0.76 0.88 Mar 14,684 0.0 JR Lufthansa LHAG.DE ETR 3 €11.02 NM 15.53 10.25 7.9 0.12 1.39 2.62 Dec 5,100 5.3 JR


U.S. Equity Research (800) 248-8863

Management Robert P. Anastasi, CFA

(727) 567-2286

Senior Managing Director,

Director of Equity Research

Shawn Borgeson

(727) 567-2571

Managing Director,

Product Development

Mercedes S. van Woerkom (727) 567-2601

Managing Director,

Research Associate Manager

Consumer

Budd Bugatch, CFA

(727) 567-2527

Director of Furnishings Research

Joseph Altobello, CFA

(212) 883-4606

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Sam Darkatsh (727) 567-2537

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Joseph D. Hovorka (404) 442-5863

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Brian M. Vaccaro, CFA

(404) 442-5866

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Dan Wewer, CFA (404) 442-5846

Hardline Retailers

Benjamin P. Brownlow

(404) 442-5859

Hardline Retailers

Energy (800) 945-6275

J. Marshall Adkins

Director of Energy Research

Andrew Coleman

Exploration & Production

John Freeman, CFA


Darren Horowitz

Midstream Suppliers

Pavel Molchanov

Renewable Energy &

Clean Technology/

Exploration & Production/

Integrated Majors & Refiners

Kevin Smith


Justin Jenkins

Integrated Majors & Refiners/

Midstream Suppliers

Praveen Narra

Oilfield Services

Financial Services Daniel E. Cardenas

(312) 655-2986

Banking

Robert J. Dodd, Ph.D.

(901) 579-4560

Specialty Finance

David J. Long, CFA

(312) 612-7685

Banking

Patrick J. O'Shaughnessy, CFA

(312) 612-7687

Capital Markets

C. Gregory Peters (727) 567-1534

Insurance

Michael Rose (312) 655-2940

Banking

Steven D. Schwartz, CFA

(312) 612-7686

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William J. Wallace IV (301) 657-1548

Banking

Donald A. Worthington (415) 538-5733

Banking

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Michael J. Baker (727) 567-2499

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Jayson Bedford (727) 567-2565

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Reni Benjamin, Ph.D. (212) 883-4615

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Nicholas Jansen (727) 567-2446

Animal Health/Diagnostics/

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Lawrence S. Keusch (617) 897-8992

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Christopher Raymond (312) 655‐2672

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Elliot Wilbur, CFA (212) 856-4897

Specialty Pharmaceuticals

Industrial Patrick Tyler Brown, CFA (404) 442-5803

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Sam Darkatsh (727) 567-2537

Specialty Distribution

Macro Research Scott J. Brown, Ph.D. (727) 567-2603

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Jeffrey D. Saut (727) 567-2644

Chief Investment Strategist

Real Estate Paul D. Puryear

(727) 567-2253

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William A. Crow (727) 567-2594

Lodging/REITs

Buck Horne, CFA (727) 567-2561

Housing/REITs

Collin Mings, CFA (727) 567-2585

REITs

Jonathan Hughes (727) 567-2438 REITs

Technology & Communications

Brian G. Alexander, CFA

(727) 567-2312

Director of Technology Research

Ric Prentiss (727) 567-2567

Director of Telecommunications

Services Research

Brian Gesuale (727) 567-2287

IT Services & Security

Wayne Johnson (404) 442-5837

Transaction Processing

Aaron Kessler, CFA (415) 616-8959

Internet

Simon M. Leopold (212) 856-5464

Communications Equipment

Frank G. Louthan IV (404) 442-5867

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Tavis C. McCourt, CFA (615) 665-3644

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Hans C. Mosesmann (727) 567-2498

Semiconductors

Chris Quilty (727) 567-2602

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J. Steven Smigie (212) 856-4893

Analog & Communications

Semiconductors

Terry Tillman (404) 442-5825

Application Software

Michael Turits, Ph.D. (212) 297-5617

Infrastructure Software

Justin Patterson, CFA (415) 616-8035

Internet

Brian Peterson, CFA (404) 442-5888

Application Software

Transportation

Patrick Tyler Brown, CFA (404) 442-5803

Transportation Services

Arthur W. Hatfield, CFA

(901) 579-4868

Transportation Services

Savanthi Syth, CFA (727) 567-5274

Airlines


U.S. Equity Capital Markets – Sales & Trading

Dan H. McMahon (212) 599-6800, Senior Managing Director – Director, Equity Trading

Paul G. Steinhauser (727) 567-2513, Senior Managing Director – Director, Institutional Sales

Collie Krausnick (901) 529-5321, Senior Managing Director – Director, Agency/Retail Equity Trading and Equity Advisory Group

Institutional Sales St. Petersburg (800) 237-5643

Shawn Borgeson (727) 567-2571

Sarah Concannon (727) 567-2686

Ken Corn (727) 567-2282

Nick Digirolamo (727) 567-2280

Mark Fote (727) 567-2439

Peter L. Gairing (727) 567-2530

Eric Kirby (727) 567-2570

Kevin McElligott (727) 567-2597

Ted Mortonson (727) 567-2285

Mark Ranney (727) 567-1850

David Schaffer (727) 567-2598

Patrick Sauve (727) 567-2526

Dana Williams (727) 567-2278

Jamie Zingaretti (727) 567-2576

Atlanta

Mark Starner (404) 442-5862

Dudley Stephens (404) 442-5828

Boston

Ryan Bagley (617) 897-8965

Joe Durkin (617) 897-8964

Dave Hodges (617) 897-8961

Jeff Jacobs (617) 897-8966

John Leffel (617) 897-8967

Chicago

Bill Sammon, Manager (312) 655-2959

Lou Coines (312) 655-2964

Miranda Davidson (312) 655-2948

Rick Glaisner (312) 612-7672

Lonnie Hatcher (312) 612-7673

Chris Lambert (312) 655-2974

Anthony LanFranca (312) 655-2961

Adin Lohry (727) 567-3468 Tony Montemurro (312) 655-2948

Tim Murnane (312) 655-2988

Andrew K. Northwick (312) 612-7675

Chris Palermo (312) 655-2967

Leigh Pollak (312) 612-7744

Todd Raclaw (312) 655-2975

Bob Stocking (312) 612-7674

Los Angeles

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Rob Marckel (310) 414-5201

New York

Greg Giannakopoulos, Manager (212) 856-5405

George Billington (212) 297-5607 Jason Gefaell (212) 672-6828

Tom Hartigan (212) 856-5474 Brian Hicks (212) 297-5618 Jeff Karish (212) 297-5604

Institutional Sales (continued) New York

Susan Lione (212) 856-4886

Carol McCarthy (212) 297-5605

Tom Nevitt (212) 297-5608

Gene Pennell (212) 297-5606

Craig Sapuppo (212) 297-5602

Kelly Schaeffer (212) 856-4887

Rod Spiegel (212) 297-5610

Lauren Stellato (212) 856-4389

Scott Sterrett (212) 856-4370

Nick Zager (212) 297-5615

San Francisco

John Cavender (415) 538-5725

Douglas Deubel (888) 734-0540

Zachary Taylor (415) 616-8944

International Institutional

Sales & Trading Desk Byron Mitson, Head of Agency/

Retail Trading (800) 564-3678

St. Petersburg

(727) 567-2100

Sharon Agudio

Ted Powell

Mike Tagliarini

Memphis

(800) 564-3678

Tony Johnson

Kenny McClain

Corporate & Executive

Services (727) 567-8092

Jeff Fordham

Jeanna Bryan

Rachel Jallick

Nicole Middents

Dakota Rockwell

Scott Warnock

Principal Trading (212) 599-6800

Kenneth Bollinger

Eric Braunstein

Earl Johnson

Jesse Lubarsky

Adam Lustig

Ray Moore

Christian O’Brien

Kevin Prunty

Doug Shapiro

Brandon Veldman

Institutional Sales Trading

Paul Powers, Head of U.S. Sales

Trading (212) 856-5477

St. Petersburg (727) 567-2100

Ross Barone

Jake Shumacker

Boston (617) 423-5607

Steve Svensen

Brendan Moses

Thomas Ward

Chicago (312) 655-2990

Jeff Grimm

Randy Mrozek

Jeff Snower

New York (212) 599-6800

Jacqueline Britt

Craig Bugniazet

Michael Cannon

Brian Cohan

Paul Cornette

Michael Dalfonzo

John Gilmartin

Mark Koczan

Gary Muehlemann

Vincent Sgherza

Nick Shepard

Eric Siefert

San Francisco

Michael Christian

(415) 616-8933

Michael Schwarz

(415) 616-8096

Agency/Retail Trading Byron Mitson,

Head of Agency/Retail Trading

(800) 564-3678

St. Petersburg (727) 567-6466

Scott Brown

Renee Hollingsworth

Justin Miller

James Nielsen

Allen Spence

Memphis (800) 564-3678

Darin Butler

Krystal Butler

Kevin Floyd

Marilyn Hiner

Tony Johnson

Kenny McClain


Strategic Options Desk (212) 856-5400

Ryan Sylvester, Co-head

Adam Templeton, Co-head

Colin Drowica

Geoff Gaiss

Stephen Hardin

Jeffrey Jacobson

Darius Kirksey

Andrew Kramer

Alec Levine

Rob Mabry

Brad Manuilow

James “Hector” Murphy

Brian Werner

U.S. Equity Portfolio & Technical Strategy (901) 529-3776

J. Michael Gibbs, Director,

Equity Portfolio & Technical Strategy Jeff Harvey

David Hydrick

Joey Madere

Barbara Metcalf

Andrew Rumbelow

Equity Advisory Group (727) 567-2520

Harry G. Katica, CFA, Director,

Equity Advisory Group

Suzi Fiorini, Manager,

Equity Advisory Group

Phil Cox

Bonnie Harper

John Messina

Michael Saut

Justin Wai

Travis Workman

Julie Lachman, International (727) 567-5559

ECM International Offices Raymond James UK,

London 011-44-207-426-5600

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Henri de Liedekerke, Manager

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Carine R. Van Pellecon

Stéphane Roffler


Canadian Equity Research Daryl Swetlishoff, CFA 604.659.8246, Head of Equity Research

Ken Avalos, MBA 727.567.1756 Real Estate & REITs

Frederic Bastien, CFA 604.659.8232 Infrastructure & Construction

Andrew Bradford, CFA 403.509.0503 Oil & Gas Energy Services

Ben Cherniavsky 604.659.8244 Industrial / Aerospace & Aviation

Chris Cox, CFA 403.509.0523 Sr. Oil & Gas Producers / Energy

Infrastructure

Steve Hansen, CMA, CFA 604.659.8208 Transportation / Agribusiness

Steven Li, CFA 416.777.4918 Technology /

Alternative Energy & Clean Tech

Kurt Molnar 403.221.0414 Oil & Gas Producers

Michael Overvelde, CFA, CPA, CA 416.777.4943

Diversified Financials

Theoni Pilarinos, CFA 604.659.8234 Infrastructure & Construction

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Johann Rodrigues 416.777.7189 Real Estate & REITs

Phil Russo 416.777.7084 Precious Metals

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Daryl Swetlishoff, CFA 604.659.8246 Forest Products

Alex Terentiew, MBA, P.Geo 416.777.4912 Base Metals & Minerals /

Platinum Group Metals

Chris Thompson, M.Sc. (Eng), P.Geo 604.659.8439 Precious Metals

Kenric Tyghe, MBA 416.777.7188 Consumer & Retail

Canadian Sales & Trading

Raymond James Ltd. Sales Mike Westcott 416.777.4935, Head of Sales

Toronto 888.601.6105 Canada 800.290.4847 USA Sean Boyle 416.777.4927 Jeff Carruthers, CFA 416.777.4929 Richard Eakins 416.777.4926 Jonathan Greer 416.777.4930 Dave MacLennan 416.777.4934 Robert Mills, CFA 416.777.4945 Neil Weber 416.777.4931

U.S. Equities Toronto Laura Arrell 416.777.4920 Nicole Svec Griffis, CFA 416.777.4942 Vancouver 800.667.2899 Scot Atkinson, CFA 604.659.8225 Nick Pocrnic 604.659.8230

Montreal 514.350.4450, 866.350.4455 John Hart 514.350.4462 David Maislin, CFA 514.350.4460 London Adam Wood 0.207.426.5612

Raymond James Ltd. Trading Bob McDonald, CFA 604.659.8222, Co-Head of Trading Andrew Foote, CFA 416.777.4924, Co-Head of Trading

Toronto 888.601.6105 Canada 800.290.4847 USA Pam Banks 416.777.4923 Oliver Herbst 416.777.4947 Andy Herrmann 416.777.4937 Eric Munro, CFA 416.777.4983 James Shields 416.777.4941 Bob Standing 416.777.4921

Vancouver 800.667.2899 Nav Cheema 604.659.8224 Fraser Jefferson 604.659.8218 Derek Oram 604.659.8223

Montreal 866.350.4455 Joe Clement 514.350.4470 Patrick Sanche 514.350.4465


European Equity Research

Emmanuel Rétif, RJEE +33 (1) 45 64 05 47 Managing Director – European Research Utilities Hermine de Bentzmann, RJEE +33 (1) 45 64 05 53 Premium Consumer Goods Stéphane Beyazian, RJFI +44 (0)20 3798 5643 Telecom Services

Harry Breach, RJFI +44 (0)20 3798 5641 Aerospace & Defence/Industrials Bertrand Hodée, RJEE +33 (1) 45 64 05 46 Oil & Gas Producers/Oil Services Patrick Lambert, RJFI +44 (0)20 3798 5645 Chemicals

Cédric Lecasble, RJEE +33 (1) 45 64 05 40 Retail Julien Richer, RJEE +33 (1) 45 64 05 44 Hotels/Tourism/Foodservices

European Sales & Trading

Paris +33 (1) 45 64 05 00 Head of Sales

Bruno Chabroux Sales

Philippe Andrieu Sebastien Manzoni Laurent Thomasset David Barbe

Sales Trading

Laurent Lagneau Jacques Perez

Trading +33 (1) 45 64 05 68

Philippe Vialle

London +44 (0)20 3798 5600 Sales

Dale Gibson Cara McPhillips

Sales Trading

Jason Keogh Ken Wesson

New York (212) 856-4884 Manager

Benoit Piussan Sales

Joe Campo


Latin American Equity Research

Argentine Research (Equity) Buenos Aires

Federico Rey Marino,

Head of Argentine Research

(+5411) 4850-2535

Agribusiness & Natural Resources/

Financial Institutions/

LatAm Strategy/ Real Estate/

Telecom & Media

Santiago Wesenack, CFA

(+5411) 4850-2537

Electric Utilities/ Natural Resources/

Oil, Gas & Petrochemicals

Fernando Suarez

(+5411) 4850-2538

Agribusiness & Natural

Resources/ LatAm Strategy/

Telecommunications

Latin American Sales & Trading

Institutional Trading (Equity) Buenos Aires

Esteban Polanski

(+5411) 4850-2541

Héctor Canzani

(+5411) 4850-2542

Institutional Trading (Fixed Income) Buenos Aires

Joaquin Alonso

(+5411) 4850-2547

Miguel Bueno

(+5411) 4850-2546

Institutional Sales Buenos Aires

Diego Trucco, Head of Sales

(+5411) 4850-2512

Mariano Parras,

Sales – Domestic Institutions

(+5411) 4850-2548


Important Investor Disclosures

Raymond James & Associates (RJA) is a FINRA member firm and is responsible for the preparation and distribution of research created in the United States. Raymond James & Associates is located at The Raymond James Financial Center, 880 Carillon Parkway, St. Petersburg, FL 33716, (727) 567-1000. Non-U.S. affiliates, which are not FINRA member firms, include the following entities that are responsible for the creation and distribution of research in their respective areas: in Canada, Raymond James Ltd., Suite 2100, 925 West Georgia Street, Vancouver, BC V6C 3L2, (604) 659-8200; in Latin America, Raymond James Latin America, Ruta 8, km 17, 500, 91600 Montevideo, Uruguay, 00598 2 518 2033; in Europe, Raymond James Euro Equities SAS (also trading as Raymond James International), 40, rue La Boetie, 75008, Paris, France, +33 1 45 64 0500, and Raymond James Financial International Ltd., Broadwalk House, 5 Appold Street, London, England EC2A 2AG, +44 203 798 5600.

This document is not directed to, or intended for distribution to or use by, any person or entity that is a citizen or resident of or located in any locality, state, country, or other jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation. The securities discussed in this document may not be eligible for sale in some jurisdictions. This research is not an offer to sell or the solicitation of an offer to buy any security in any jurisdiction where such an offer or solicitation would be illegal. It does not constitute a personal recommendation or take into account the particular investment objectives, financial situations, or needs of individual clients. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. Investors should consider this report as only a single factor in making their investment decision.

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Additional information is available on request.

Analyst Information

Registration of Non-U.S. Analysts: The analysts listed on the front of this report who are not employees of Raymond James & Associates, Inc., are not registered/qualified as research analysts under FINRA rules, are not associated persons of Raymond James & Associates, Inc., and are not subject to NASD Rule 2711 and NYSE Rule 472 restrictions on communications with covered companies, public companies, and trading securities held by a research analyst account.

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Ratings and Definitions

Raymond James & Associates (U.S.) definitions

Strong Buy (SB1) Expected to appreciate, produce a total return of at least 15%, and outperform the S&P 500 over the next six to 12 months. For higher yielding and more conservative equities, such as REITs and certain MLPs, a total return of at least 15% is expected to be realized over the next 12 months.

Outperform (MO2) Expected to appreciate and outperform the S&P 500 over the next 12-18 months. For higher yielding and more conservative equities, such as REITs and certain MLPs, an Outperform rating is used for securities where we are comfortable with the relative safety of the dividend and expect a total return modestly exceeding the dividend yield over the next 12-18 months.

Market Perform (MP3) Expected to perform generally in line with the S&P 500 over the next 12 months.

Underperform (MU4) Expected to underperform the S&P 500 or its sector over the next six to 12 months and should be sold.

Suspended (S) The rating and price target have been suspended temporarily. This action may be due to market events that made coverage impracticable, or to comply with applicable regulations or firm policies in certain circumstances, including when Raymond James may be providing investment banking services to the company. The previous rating and price target are no longer in effect for this security and should not be relied upon.


Raymond James Ltd. (Canada) definitions

Strong Buy (SB1) The stock is expected to appreciate and produce a total return of at least 15% and outperform the S&P/TSX Composite Index over the next six months.

Outperform (MO2) The stock is expected to appreciate and outperform the S&P/TSX Composite Index over the next twelve months.

Market Perform (MP3) The stock is expected to perform generally in line with the S&P/TSX Composite Index over the next twelve months and is potentially a source of funds for more highly rated securities.

Underperform (MU4) The stock is expected to underperform the S&P/TSX Composite Index or its sector over the next six to twelve months and should be sold.

Raymond James Latin American rating definitions

Strong Buy (SB1) Expected to appreciate and produce a total return of at least 25.0% over the next twelve months.

Outperform (MO2) Expected to appreciate and produce a total return of between 15.0% and 25.0% over the next twelve months.

Market Perform (MP3) Expected to perform in line with the underlying country index.

Underperform (MU4) Expected to underperform the underlying country index.

Suspended (S) The rating and price target have been suspended temporarily. This action may be due to market events that made coverage impracticable, or to comply with applicable regulations or firm policies in certain circumstances, including when Raymond James may be providing investment banking services to the company. The previous rating and price target are no longer in effect for this security and should not be relied upon.

Raymond James Europe rating definitions

Strong Buy (1) Expected to appreciate, produce a total return of at least 15%, and outperform the Stoxx 600 over the next 6 to 12 months.

Outperform (2) Expected to appreciate and outperform the Stoxx 600 over the next 12 months.

Market Perform (3) Expected to perform generally in line with the Stoxx 600 over the next 12 months.

Underperform (4) Expected to underperform the Stoxx 600 or its sector over the next 6 to 12 months.

Suspended (S) The rating and target price have been suspended temporarily. This action may be due to market events that made coverage impracticable, or to comply with applicable regulations or firm policies in certain circumstances, including when Raymond James may be providing investment banking services to the company. The previous rating and target price are no longer in effect for this security and should not be relied upon.

In transacting in any security, investors should be aware that other securities in the Raymond James research coverage universe might carry a higher or lower rating. Investors should feel free to contact their Financial Advisor to discuss the merits of other available investments.

Rating Distributions

Coverage Universe Rating Distribution* Investment Banking Distribution

RJA RJL RJ LatAm RJ Europe RJA RJL RJ LatAm RJ Europe

Strong Buy and Outperform (Buy) 57% 65% 64% 40% 22% 44% 0% 0%

Market Perform (Hold) 38% 34% 36% 34% 9% 23% 0% 0%

Underperform (Sell) 5% 2% 0% 25% 6% 33% 0% 0%

* Columns may not add to 100% due to rounding.

Suitability Categories (SR)

Total Return (TR) Lower risk equities possessing dividend yields above that of the S&P 500 and greater stability of principal.

Growth (G) Low to average risk equities with sound financials, more consistent earnings growth, at least a small dividend, and the potential for long-term price appreciation.

Aggressive Growth (AG) Medium or higher risk equities of companies in fast growing and competitive industries, with less predictable earnings and acceptable, but possibly more leveraged balance sheets.

High Risk (HR) Companies with less predictable earnings (or losses), rapidly changing market dynamics, financial and competitive issues, higher price volatility (beta), and risk of principal.

Venture Risk (VR) Companies with a short or unprofitable operating history, limited or less predictable revenues, very high risk associated with success, and a substantial risk of principal.


Risk Factors

General Risk Factors: Following are some general risk factors that pertain to the projected target prices included on Raymond James research: (1) Industry fundamentals with respect to customer demand or product / service pricing could change and adversely impact expected revenues and earnings; (2) Issues relating to major competitors or market shares or new product expectations could change investor attitudes toward the sector or this stock; (3) Unforeseen developments with respect to the management, financial condition or accounting policies or practices could alter the prospective valuation; or (4) External factors that affect the U.S. economy, interest rates, the U.S. dollar or major segments of the economy could alter investor confidence and investment prospects. International investments involve additional risks such as currency fluctuations, differing financial accounting standards, and possible political and economic instability.

Additional Risk and Disclosure information, as well as more information on the Raymond James rating system and suitability categories, is available at rjcapitalmarkets.com/Disclosures/index. Copies of research or Raymond James’ summary policies relating to research analyst independence can be obtained by contacting any Raymond James & Associates or Raymond James Financial Services office (please see raymondjames.com for office locations) or by calling 727-567-1000, toll free 800-237-5643 or sending a written request to the Equity Research Library, Raymond James & Associates, Inc., Tower 3, 6

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This report is not prepared subject to Canadian disclosure requirements, unless a Canadian analyst has contributed to the content of the report. In the case where there is Canadian analyst contribution, the report meets all applicable IIROC disclosure requirements.

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This report is provided to clients of Raymond James only for your personal, noncommercial use. Except as expressly authorized by Raymond James, you may not copy, reproduce, transmit, sell, display, distribute, publish, broadcast, circulate, modify, disseminate or commercially exploit the information contained in this report, in printed, electronic or any other form, in any manner, without the prior express written consent of Raymond James. You also agree not to use the information provided in this report for any unlawful purpose. This is RJA client releasable research

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September 2015 - Raymond James

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